While I generally don’t like companies or holding companies with a majority shareholder, it usually also means there is a stronger incentive to perform well. In Seaboard Corporation's ( SEB ) case, the activities are quite diversified (pork, turkey, marine services, agricultural trading services), while theThe Investment Doctor is a financial writer, highlighting European small-caps with a 5-7 year investment horizon. He strongly believes a portfolio should consist of a mixture of dividend and growth stocks ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ____________________ Commission file number: 1-3390 SEABOARD CORPORATION (Exact Name of Registrant as Specified in Its Charter) | Delaware | 04-226 ...

| | | | Three Months Ended | | Years Ended | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | December 31, | | | December 31, | December 31, | | | December 31, | | | 2025 | | | 2024 | 2025 | | | 2024 | | Net sales | $ | 2,410 | $ | 2,482 | $ | 9,746 | $ | 9,100 | | Operating income | $ | 65 | $ | 114 | $ | 239 | $ | 156 | | Net earnings attributable to Seaboard | $ | 253 | $ | 154 | $ | 496 | $ | 88 | | Earnings per common share | $ | 264.13 | $ | 158.58 | $ | 514.46 | $ | 90.62 | | Average ...

Core Viewpoint - Stock splits do not alter a stock's intrinsic value but tend to increase investor interest, often leading to a rise in stock prices post-announcement [1][2]. Group 1: Booking Holdings - Booking Holdings is the most likely candidate for a stock split among high-priced stocks, having previously executed a reverse stock split 23 years ago [5]. - As a consumer-facing business, Booking Holdings appeals to individual investors, making a forward split attractive as it would lower share prices and increase share count, enhancing affordability [6]. - Current market data shows Booking Holdings trading at $5,098.04 with a market cap of $164 billion and a gross margin of 97% [7]. Group 2: NVR - NVR, trading at $7,762 per share, is unlikely to announce a stock split due to its asset-light business model and a history of avoiding stock dividends [8]. - NVR has consistently outperformed the market but has no plans for a stock split in the near future [8]. Group 3: Seaboard - Seaboard operates in diverse sectors including pork production, grain processing, and maritime shipping, but its volatile business model makes it a less likely candidate for a stock split [9]. - The company has experienced double-digit revenue growth in three of the last five years, but negative results in the other two years raise concerns about the timing of a potential split [10].

Core Insights - Seaboard (SEB) is valued at $4.5 billion and operates in diversified sectors including pork and poultry production, ocean transportation, and various agricultural activities [1] - The stock has shown exceptional performance, gaining 80% over the past year and recently reaching an all-time high of $4,785 [4][3] - SEB has a 100% "Buy" technical opinion from Barchart and is rated "Above Average" by Value Line and "Buy" by CFRA, appealing to risk-tolerant investors [4] Financial Performance - SEB's stock gained 80.11% over the past year and 39.47% in the last month [5] - The stock recently traded at $4,665.50, with a 50-day moving average of $3,741.95 [5] - Seaboard has made 17 new highs recently, indicating strong upward momentum [5] Technical Indicators - SEB has a Weighted Alpha of +99.75 and a Relative Strength Index (RSI) of 83.53, suggesting strong technical momentum [5] - The Trend Seeker "Buy" signal has been intact since November 5, contributing to a 26.83% gain since that date [2][5] - A technical support level is identified around $4,600.25, providing a potential safety net for investors [5]

Core Insights - The article discusses potential stock picks related to Thanksgiving dinner, highlighting how rising food prices may signal investment opportunities in certain companies [2][3]. Company Summaries - **Seaboard Corporation (SEB)**: Known for its Butterball turkey brand, SEB has seen its stock rise over 65% this year. Despite a high nominal price exceeding $4,000, it trades at just 9x earnings, indicating value compared to competitors [4][5][6]. - **Campbell's Company (CPB)**: CPB is recognized for its role in Thanksgiving side dishes, particularly with its Cream of Mushroom soup. The stock is down 26% in 2025 but shows signs of a potential bullish reversal, with a price target of $34.59 suggesting nearly 12% upside [7][9]. - **General Mills (GIS)**: As a key player in baking products, GIS has experienced a year-to-date decline of approximately 25%. Analysts project a price target of $55.82, indicating an 18% upside potential, with the stock trading at 10x earnings [10][11]. - **McCormick & Company (MKC)**: Historically strong in the current quarter, MKC's stock is attractively valued at 21x earnings. Analysts have set a price target of $78.22, reflecting a potential 21% upside, alongside a stable dividend yield of 2.79% [12][13]. - **Constellation Brands (STZ)**: This company, known for its wine and beer products, has seen its stock decline over 40% this year. Analysts project a price target of $186.44, suggesting over 43% upside, with a low valuation of 9.6x forward earnings [14][15].

Market Overview - Despite markets hovering near all-time highs, there is a shift from exuberance to cautious optimism, influenced by weak U.S. employment numbers and the potential economic impact of a federal government shutdown [1] - The market has not seen a 10% correction in over six months, leading investors to brace for a potential drawdown instead of a year-end rally [2] Value Stocks - Investors sitting on significant unrealized gains may consider reallocating to value stocks to minimize losses and generate income through dividends [2] - Five value stocks with a market cap of $3 billion or higher and a Benzinga Edge Value score of at least 90 are highlighted for portfolio protection in volatile environments [3] Sasol Ltd. - Sasol Ltd. has a Benzinga Edge Value Score of 99.66, with a market cap of $3.94 billion, trading at 10 times earnings, a P/B value of 0.4, and a P/S ratio of 0.27, indicating it is undervalued compared to U.S. and emerging market peers [4] - The stock has shown volatility but has evidence of upward momentum, with key technical levels to watch for a potential breakout [6] Gerdau SA - Gerdau has a Benzinga Edge Value Score of 97.67, with a market cap of $7 billion, trading at 8 times forward earnings, a P/B value of 0.70, and a P/S ratio of 0.37, along with a 3.27% dividend [7] - The stock has been trending higher since a Golden Cross in August, currently over 10% above its 50-day SMA, indicating bullish momentum [9] Ecopetrol SA - Ecopetrol has a Benzinga Edge Value Score of 97.47, with a market cap of $19 billion and annual sales exceeding $30 billion, showing a nearly 20% increase year-to-date [10] - The stock's fundamentals and technical trends are favorable, with a P/E ratio of 6.55 and a P/S ratio of 0.64, and bullish momentum is building [12] Seaboard Corp. - Seaboard has a Benzinga Edge Value Score of 94.03, with a market cap of $3.5 billion and annual sales over $9 billion, trading at 9 times earnings, a P/S ratio of 0.36, and a P/B ratio of 0.71 [13] - Recent signals indicate a revival in bullish momentum, with a significant rally taking the share price above the 50-day SMA [15] Fluor Corp. - Fluor has a Benzinga Edge Value Score of 91.46, with a market cap of $7 billion and annual sales exceeding $16 billion, trading at just 2 times earnings and a P/S ratio of 0.47 [16] - The stock has seen a 15% increase in the last three months, breaking above its 50- and 200-day SMAs, indicating a potential momentum reversal [18]

Group 1 - Seaboard Corporation (SEB) is granted a Buy rating, indicating a positive outlook for generating value for investors [1] - The company has diversified its operations, which is expected to contribute to its continued success [1] Group 2 - Daniel Mellado, an economist with a Master's Degree in Statistics, has experience in analyzing agricultural commodities and managing trading and data analysis teams [1] - The trading team under his management invested in bonds, equities, and ETFs, showcasing a broad investment strategy [1] - Mellado's future analyses will focus on sectors including commodities, banking, technology, and pharmaceuticals, utilizing financial statements and macroeconomic variables for recommendations [1]

Core Viewpoint - Seaboard Corporation (SEB) is rated as a Buy, indicating a positive outlook for generating value for investors due to its diversified operations [1] Company Analysis - Seaboard Corporation has diversified its operations, which is expected to contribute to its continued value generation for investors [1] Analyst Background - Daniel Mellado, an economist with a Master's Degree in Statistics, has experience in analyzing the agricultural commodity market and managing trading and data analysis teams [1] - His expertise includes developing strategies for algorithmic trading and providing analysis and valuation for companies in commodities, banking, technology, and pharmaceuticals [1]

Financial Performance - Seaboard Corporation reported net sales of $2,540 million for the three months ended September 27, 2025, representing a 14.5% increase from $2,218 million in the same period of 2024[2]. - Operating income for the three months ended September 27, 2025, was $84 million, compared to $32 million for the same period in 2024, marking a 162.5% increase[2]. - Net earnings attributable to Seaboard for the three months ended September 27, 2025, were $109 million, a significant recovery from a net loss of $149 million in the same period of 2024[2]. - Earnings per common share for the three months ended September 27, 2025, were $113.71, compared to a loss of $153.44 per share in the same period of 2024[2]. - For the nine months ended September 27, 2025, net sales were $7,336 million, up from $6,618 million in the same period of 2024, reflecting a 10.8% increase[2]. - Operating income for the nine months ended September 27, 2025, was $174 million, compared to $42 million for the same period in 2024, indicating a substantial improvement[2]. - Net earnings for the nine months ended September 27, 2025, were $243 million, a recovery from a loss of $66 million in the same period of 2024[2]. Shareholder Returns - Seaboard declared a quarterly cash dividend of $2.25 per share, consistent with the previous quarter's dividend[3]. Share Information - The average number of shares outstanding decreased slightly to 958,618 for the three months ended September 27, 2025, from 971,055 in the same period of 2024[2]. Tax Considerations - The company recorded a valuation allowance on its U.S. deferred tax assets of $176 million in the previous year, impacting financial results[2].