Does THE J. M. SMUCKER COMPANY have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores THE J. M. SMUCKER COMPANY (SJM) 39.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 62, returns on capital 4, balance-sheet safety 40, capital discipline 56.

How has SJM's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 39.0 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

THE J. M. SMUCKER COMPANY

SJM · Consumer Staples · $11.9B mkt cap · FY2026 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power62

Median gross margin 38.2% over 10y, very stable.

Returns on capital4

Median ROIC 6.0%, above the 9% hurdle in 0% of years.

Balance-sheet safety40

Net debt/EBITDA 19.2x, no material interest expense disclosed.

Capital discipline56

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $112.01
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

THE J. M. SMUCKER COMPANY booked $9.1B of revenue in FY2026 in the Consumer Staples sector and kept 33.5% of it as gross profit — a moderate-margin business by that measure. After every other cost, −1.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3.8B (FY2009) to $9.1B (FY2026) — about 5.3% a year compounded over 17 years.

It earned 2.3% on invested capital in FY2026, with a median of 6.7% across 18 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $7.0B of total debt in FY2026. Balance-Sheet Safety scores it 40/100.

The share count fell 10.5% between FY2010 and FY2026 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 56/100.

Put together: Pricing Power is the strongest of the four filters (62/100) and Returns on Capital the weakest (4/100), which is how SJM lands at 39/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$9.1B FY2026

Gross marginRevenue kept after cost of goods33.5% FY2026

Return on invested capitalOperating profit on the capital employed2.3% FY2026

Owner earningsCash an owner could take out−$456.1M FY2026

Gaps in a line mean that item isn’t in SJM’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SJM has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Staples context

#33 of 66 scored Consumer Staples companies, ranked by Moat Score.

Nearest peers by Moat Score

#31CWGL Crimson Wine Group, Ltd.42.9 out of 100, Shallow moatShallow moat
#32CPB THE CAMPBELL'S COMPANY39.2 out of 100, No moatNo moat
#34ZVIA Zevia PBC38.8 out of 100, No moatNo moat
#35MDLZ Mondelez International, Inc.38.0 out of 100, No moatNo moat

Compare SJM with its nearest peers →All Consumer Staples companies on the Index →

Common questions about SJM

Does THE J. M. SMUCKER COMPANY have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores THE J. M. SMUCKER COMPANY (SJM) 39.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 62, returns on capital 4, balance-sheet safety 40, capital discipline 56.
How has SJM's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 39.0 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SJM. See the disclaimer.