In the competitive world of packaged foods, JBS N.V. and Pilgrim’s Pride Corporation stand out as key players shaping the industry’s future. Both companies specialize in protein products, with JBS operating globally and Pilgrim’s Pride focusing primarily on the U.S. market as a JBS subsidiary. Their shared innovation strategies and market overlap make them ideal candidates for comparison. This article will help you decide which company deserves a spot in your investment portfolio.
Table of contents
Companies Overview
I will begin the comparison between JBS N.V. and Pilgrim’s Pride Corporation by providing an overview of these two companies and their main differences.
JBS Overview
JBS N.V. is a global protein and food company headquartered in the Netherlands, operating across beef, pork, chicken, fish, and lamb markets. It also produces leather, biodiesel, and various food and industrial products. Founded in 1953, JBS has a diversified portfolio including meat processing, logistics, and electric power production, positioning it as a major player in the consumer defensive sector with over 280K employees worldwide.
Pilgrim’s Pride Overview
Pilgrim’s Pride Corporation, based in Greeley, Colorado, specializes in poultry and pork production, processing, and distribution primarily in the US and international markets. Established in 1946, it offers a wide range of fresh, frozen, and value-added meat products under multiple brands. As a subsidiary of JBS S.A., Pilgrim’s Pride serves retail and foodservice customers with a workforce of around 62.6K employees, operating mainly in consumer defensive packaged foods.
Key similarities and differences
Both JBS and Pilgrim’s Pride operate in the packaged foods industry, focusing on meat production and processing. JBS maintains a broader global presence and product diversification beyond meat into leather and industrial goods, whereas Pilgrim’s Pride concentrates on poultry and pork with strong brand recognition in key markets. JBS is significantly larger in market cap and workforce, reflecting its extensive operations and diversified business model compared to Pilgrim’s more focused approach.
Income Statement Comparison
The following table compares key income statement metrics for JBS N.V. and Pilgrim’s Pride Corporation for the fiscal year 2024, providing a clear overview of their financial performance.
| Metric | JBS N.V. (BRL) | Pilgrim’s Pride Corporation (USD) |
|---|---|---|
| Market Cap | 31.7B | 9.5B |
| Revenue | 417.0B | 17.9B |
| EBITDA | 35.4B | 2.0B |
| EBIT | 25.7B | 1.6B |
| Net Income | 9.6B | 1.1B |
| EPS | 30.55 | 4.58 |
| Fiscal Year | 2024 | 2024 |
Income Statement Interpretations
JBS N.V.
JBS showed strong revenue growth of 54.31% over 2020-2024, with net income more than doubling in the same period. Margins remained mostly stable, with gross margin at 15.06% and net margin at 2.31% in 2024. The latest year saw a 14.61% revenue increase and a significant 331.09% EBIT growth, indicating improved profitability and operational efficiency.
Pilgrim’s Pride Corporation
Pilgrim’s Pride experienced a 47.85% revenue increase over the last five years, with net income growing substantially by over 1000%. Margins were stable, with a gross margin of 12.94% and a favorable net margin of 6.08% in 2024. However, revenue growth slowed to 2.97% in 2024, although EBIT and net margin improved strongly, reflecting better cost control and earnings quality.
Which one has the stronger fundamentals?
Both companies present favorable income statement trends, but JBS leads with higher revenue growth, stronger EBIT expansion, and more consistent margin stability. Pilgrim’s Pride shows impressive net margin and EPS growth but faces slower recent revenue gains. JBS’s overall performance suggests more balanced and robust fundamentals, while Pilgrim’s Pride demonstrates rapid margin improvement with some top-line deceleration.
Financial Ratios Comparison
The table below presents a side-by-side comparison of key financial ratios for JBS N.V. and Pilgrim’s Pride Corporation (PPC) based on their most recent fiscal year data available for 2024.
| Ratios | JBS N.V. (2024) | Pilgrim’s Pride Corp. (2024) |
|---|---|---|
| ROE | 21.47% | 25.63% |
| ROIC | 8.61% | 14.20% |
| P/E | 3.20 | 9.90 |
| P/B | 0.69 | 2.54 |
| Current Ratio | 1.47 | 2.01 |
| Quick Ratio | 0.90 | 1.31 |
| D/E (Debt to Equity) | 3.01 | 0.82 |
| Debt-to-Assets | 53.56% | 32.55% |
| Interest Coverage | 2.33 | 9.34 |
| Asset Turnover | 1.65 | 1.68 |
| Fixed Asset Turnover | 4.85 | 5.27 |
| Payout Ratio | 46.14% | 0% |
| Dividend Yield | 14.42% | 0% |
Interpretation of the Ratios
JBS N.V.
JBS shows a mix of strong and weaker financial ratios, with favorable returns on equity (21.47%) and asset turnover, but concerns remain around its net margin (2.31%) and high debt levels (debt-to-equity 3.01, debt-to-assets 53.56%). Its dividend yield is notable at 14.42%, suggesting shareholder returns are attractive but warrant caution due to the company’s elevated leverage and payout sustainability.
Pilgrim’s Pride Corporation
Pilgrim’s Pride exhibits generally favorable ratios, including a strong return on equity (25.63%) and return on invested capital (14.2%), supported by solid liquidity (current ratio 2.01). The company does not pay dividends despite positive earnings, likely prioritizing reinvestment or growth strategies. Its lower debt levels and favorable interest coverage indicate manageable financial risk.
Which one has the best ratios?
Pilgrim’s Pride presents a more favorable overall ratio profile, with 64.29% of its ratios rated positively and lower financial risk. JBS, while showing impressive returns on equity and dividend yield, faces challenges with profitability margins and higher leverage, making its ratio set slightly favorable but less robust compared to Pilgrim’s Pride.
Strategic Positioning
This section compares the strategic positioning of JBS and PPC, focusing on Market position, Key segments, and Exposure to technological disruption:
JBS
- Leading global protein and food company with diverse product portfolio faces competitive pressure.
- Operates in multiple segments: beef, pork, chicken, fish, leather, biodiesel, and more.
- Exposure to disruption not explicitly stated; diversified product base may mitigate risks.
PPC
- US-based poultry and pork producer with focus on retail and foodservice markets worldwide.
- Concentrated on fresh, frozen, and value-added chicken and pork products under multiple brands.
- No explicit mention of technological disruption exposure; focused on traditional meat processing.
JBS vs PPC Positioning
JBS pursues a diversified strategy across protein and other food-related segments, offering broad market exposure but complex operations. PPC focuses on poultry and pork with strong brand presence, potentially benefiting from specialization but relying on fewer segments.
Which has the best competitive advantage?
PPC shows a very favorable moat with rising ROIC and increasing profitability, indicating durable competitive advantage. JBS also creates value but faces declining ROIC, signaling a slightly favorable moat and less stable advantage.
Stock Comparison
The stock price movements of JBS N.V. and Pilgrim’s Pride Corporation over the past year reveal distinct bullish trends, with notable acceleration and varying volatility levels affecting their trading dynamics.
Trend Analysis
JBS N.V. shows a bullish trend with a 3.17% price increase over the past 12 months, accompanied by acceleration and a low volatility of 0.9 std deviation. The stock ranged between 12.64 and 16.21.
Pilgrim’s Pride Corporation exhibits a stronger bullish trend, gaining 38.73% over the same period, with acceleration and higher volatility at 6.11 std deviation. Its price fluctuated between 28.87 and 54.62.
Comparing both, Pilgrim’s Pride delivered the highest market performance with a substantially larger price increase, despite greater volatility, indicating stronger upward momentum than JBS.
Target Prices
Analysts present a positive target consensus for both JBS N.V. and Pilgrim’s Pride Corporation, indicating potential upside from current prices.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| JBS N.V. | 20 | 17 | 18.5 |
| Pilgrim’s Pride Corporation | 56 | 45 | 50.5 |
The target consensus for JBS N.V. at 18.5 exceeds its current price of 14.31 USD, suggesting a moderate growth expectation. Pilgrim’s Pride shows a stronger upside potential with a 50.5 USD consensus versus a current price of 40.05 USD.
Analyst Opinions Comparison
This section compares analysts’ ratings and financial grades for JBS N.V. and Pilgrim’s Pride Corporation:
Rating Comparison
JBS Rating
- Rating: A, classified as Very Favorable by analysts.
- Discounted Cash Flow Score: 4, Favorable for valuation.
- ROE Score: 5, Very Favorable, showing strong profit efficiency.
- ROA Score: 5, Very Favorable, excels in asset utilization.
- Debt To Equity Score: 1, Very Unfavorable, indicating higher financial risk.
- Overall Score: 4, Favorable overall financial standing.
PPC Rating
- Rating: A+, also Very Favorable, indicating a slightly higher rating.
- Discounted Cash Flow Score: 4, Favorable, matching JBS’s valuation score.
- ROE Score: 5, Very Favorable, equal strength in profit generation.
- ROA Score: 5, Very Favorable, equally effective asset use.
- Debt To Equity Score: 4, Favorable, reflecting stronger balance sheet management.
- Overall Score: 4, Favorable, same overall financial standing.
Which one is the best rated?
Based strictly on the data, PPC holds a slightly better rating (A+ vs. A) and a significantly stronger debt-to-equity score, suggesting lower financial risk. Both have identical scores in valuation, profitability, and overall rating.
Scores Comparison
The following table compares the Altman Z-Score and Piotroski Score of JBS and PPC:
JBS Scores
- Altman Z-Score: 10.74, indicating a strong safe zone.
- Piotroski Score: 8, categorized as very strong financial health.
PPC Scores
- Altman Z-Score: 3.75, indicating a safe zone.
- Piotroski Score: 5, indicating average financial strength.
Which company has the best scores?
JBS exhibits a significantly higher Altman Z-Score and a very strong Piotroski Score compared to PPC’s safe zone Altman Z-Score and average Piotroski Score. Based strictly on these scores, JBS shows stronger financial health and lower bankruptcy risk.
Grades Comparison
Here is a comparison of the recent grades issued by reputable firms for the two companies:
JBS N.V. Grades
The following table summarizes recent grades assigned to JBS N.V. by major financial institutions:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| JP Morgan | Maintain | Overweight | 2025-10-14 |
| JP Morgan | Maintain | Overweight | 2025-09-03 |
| Stephens & Co. | Maintain | Overweight | 2025-08-15 |
| Stephens & Co. | Maintain | Overweight | 2025-06-26 |
JBS N.V. shows a consistent trend of “Overweight” ratings from JP Morgan and Stephens & Co., indicating a positive outlook by these analysts.
Pilgrim’s Pride Corporation Grades
The table below details recent grades for Pilgrim’s Pride Corporation from recognized grading entities:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Barclays | Maintain | Equal Weight | 2025-12-09 |
| Goldman Sachs | Maintain | Neutral | 2025-10-13 |
| BMO Capital | Maintain | Market Perform | 2025-03-17 |
| Barclays | Maintain | Equal Weight | 2024-11-01 |
| BMO Capital | Maintain | Market Perform | 2024-11-01 |
| Barclays | Maintain | Equal Weight | 2024-09-09 |
| Argus Research | Maintain | Buy | 2024-08-28 |
| B of A Securities | Downgrade | Neutral | 2024-08-15 |
| BMO Capital | Downgrade | Market Perform | 2024-08-12 |
| Barclays | Maintain | Equal Weight | 2024-08-02 |
Pilgrim’s Pride displays a more mixed set of ratings, predominantly “Equal Weight” or “Market Perform,” with some downgrades and a few “Buy” ratings, suggesting a neutral to cautious analyst sentiment.
Which company has the best grades?
JBS N.V. holds a stronger and more consistent set of grades, with multiple “Overweight” ratings from reputable firms, compared to Pilgrim’s Pride’s largely “Equal Weight” and “Market Perform” grades. This suggests that analysts generally view JBS more favorably, which may influence investor confidence and portfolio allocation decisions.
Strengths and Weaknesses
Below is a comparative overview of key strengths and weaknesses for JBS N.V. and Pilgrim’s Pride Corporation based on the latest financial and competitive data.
| Criterion | JBS N.V. | Pilgrim’s Pride Corporation |
|---|---|---|
| Diversification | Moderate, with focus on meatpacking and related sectors | Similar industry focus, limited diversification |
| Profitability | ROIC 8.61% (neutral), net margin 2.31% (unfavorable) | ROIC 14.2% (favorable), net margin 6.08% (neutral) |
| Innovation | Moderate innovation, stable asset turnover ratios | Higher fixed asset turnover, indicating operational efficiency |
| Global presence | Strong global footprint, high debt levels | Global but more regional focus, lower debt burden |
| Market Share | Large market share but profitability declining | Growing market share with increasing profitability |
Key takeaways: Pilgrim’s Pride shows stronger profitability and operational efficiency with a very favorable competitive moat, while JBS maintains a larger global presence but faces declining profitability and higher leverage, suggesting more cautious risk management is needed.
Risk Analysis
Below is a comparative table of key risks facing JBS N.V. and Pilgrim’s Pride Corporation in 2026:
| Metric | JBS N.V. | Pilgrim’s Pride Corporation |
|---|---|---|
| Market Risk | Moderate (Beta 0.48) | Moderate (Beta 0.45) |
| Debt level | High (D/E 3.01, 54%) | Moderate (D/E 0.82, 33%) |
| Regulatory Risk | Medium (Global ops) | Medium (US and export focus) |
| Operational Risk | High (Large scale, diverse ops) | Moderate (Focused poultry) |
| Environmental Risk | Elevated (meat industry impact) | Elevated (meat industry impact) |
| Geopolitical Risk | Medium (Global supply chains) | Medium (US-centric, but exports) |
JBS carries higher debt and operational complexity, increasing financial and execution risks, despite strong profitability metrics. Pilgrim’s Pride shows better leverage control but faces environmental and regulatory pressures typical to the industry. Environmental and regulatory risks are most impactful due to evolving standards and consumer trends in protein production.
Which Stock to Choose?
JBS N.V. shows a favorable income evolution with strong revenue and net income growth over 2020-2024, supported by a slightly favorable global ratios opinion. Profitability is solid with a 21.47% ROE, though debt levels are relatively high with a 3.01 debt-to-equity ratio. Its rating is very favorable, reflecting robust financial health and a safe zone Altman Z-score.
Pilgrim’s Pride Corporation exhibits favorable income growth and profitability metrics, including a 25.63% ROE and a favorable global ratios evaluation. The company maintains a moderate debt profile with a 0.82 debt-to-equity ratio and a very favorable rating supported by a safe zone Altman Z-score, though its Piotroski score is average.
For investors prioritizing durable competitive advantage and improving profitability, Pilgrim’s Pride’s very favorable moat evaluation and growing ROIC might appear more attractive. Conversely, JBS’s slightly favorable moat and strong rating could be more suitable for those valuing consistent financial strength and established scale.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of JBS N.V. and Pilgrim’s Pride Corporation to enhance your investment decisions:
