Here are 1-3 brief analogies for Seaboard (SEB):

• Like a publicly traded version of **Cargill** (a well-known private agribusiness giant), but with a strong focus on pork production, grain trading, and ocean shipping.
• Imagine **ADM (Archer Daniels Midland)** or **Bunge Global S.A. (BG)**, but also owning a significant pork producer and its own international shipping fleet.
• Picture **Tyson Foods (TSN)**, if it also owned a major international grain trader and a global ocean shipping company.

• Pork Production: Production and processing of fresh and frozen pork products for sale to retail, foodservice, and international markets.
• Marine Transportation: Ocean cargo transportation services, primarily connecting the U.S. with Central and South America and the Caribbean.
• Sugar Production: Cultivation, milling, and refining of raw and refined sugar for industrial and consumer markets.
• Commodity Trading and Milling: Global trading of agricultural commodities and operation of flour and feed mills, predominantly in Africa.
• Turkey Products (Butterball LLC): A 50% equity interest in Butterball LLC, a leading producer and processor of turkey products in the United States.

Seaboard Corporation (symbol: SEB) primarily sells to other companies (B2B) across its diverse business segments, which include pork production, commodity trading and milling, marine transportation, sugar production, and power generation.

Seaboard does not publicly disclose its specific major customers by name in its financial filings, which is common for diversified B2B companies where no single customer typically accounts for a significant portion of overall revenue. However, based on its business operations, its major customers fall into the following categories:

• Food Retailers and Foodservice Distributors: These customers purchase Seaboard's pork products (e.g., from Seaboard Foods) for sale in grocery stores, club stores, or distribution to restaurants and other institutional foodservice providers.

  Examples of major public companies in this category that are potential customers include:

  • Walmart Inc. (symbol: WMT)
  • Kroger Co. (symbol: KR)
  • Costco Wholesale Corporation (symbol: COST)
  • Sysco Corporation (symbol: SYY)
  • US Foods Holding Corp. (symbol: USFD)

• Food and Beverage Manufacturers & Agri-food Companies: These customers purchase commodities like grains, oilseeds, flour, animal feed ingredients (from Seaboard's CT&M segment), and sugar (from its Sugar segment) for use in their own products, such as packaged foods, beverages, and animal feeds.

  Examples of major public companies in this category that are potential customers include:

  • General Mills, Inc. (symbol: GIS)
  • The Coca-Cola Company (symbol: KO)
  • PepsiCo, Inc. (symbol: PEP)
  • Conagra Brands, Inc. (symbol: CAG)

• Businesses Requiring International Shipping Services: Customers of Seaboard Marine utilize its ocean transportation and logistics services to move a wide variety of goods (e.g., dry, refrigerated, oversized cargo) between the U.S. and Latin America/Caribbean. These customers include importers, exporters, and freight forwarders of all sizes.

  While specific public companies are not named by Seaboard, this category encompasses a vast array of businesses, from major retailers importing goods to manufacturers exporting products, often working through freight logistics partners.

Robert L. Steer, President and Chief Executive Officer

Robert L. Steer was appointed President and Chief Executive Officer of Seaboard Corporation in 2020. Prior to this role, he served as the Executive Vice President and Chief Financial Officer for Seaboard from April 2011 to December 2020. Mr. Steer has a long history with the company, having served in various capacities for over 35 years. He is notable for being the first person outside of the Bresky family to lead Seaboard in its 102-year history.

David H. Rankin, Chief Financial Officer; Executive Vice President

David H. Rankin was elected Chief Financial Officer of Seaboard Corporation in December 2020. Before becoming CFO, Mr. Rankin held the position of Senior Vice President, Taxation and Business Development for Seaboard from April 2015 to 2020. He also served as Vice President, Taxation and Business Development starting in April 2013.

Ellen S. Bresky, Chairwoman of the Board

Ellen S. Bresky was appointed as a director and Chairwoman of the Board of Seaboard Corporation in 2020, succeeding her late husband, Steven J. Bresky. She is also a significant beneficial owner, holding approximately 78.3 percent of Seaboard's common stock. Ms. Bresky previously served on the Boards of Directors of the Wally Foundation, the Bresky Foundation, and the Seaboard Foundation.

David M. Dannov, President of Seaboard Overseas Trading Group

David M. Dannov has served as the President of Seaboard Overseas Trading Group, a division of Seaboard Corporation, since August 2006. He was also the Chief Executive Officer of Commodity Trading and Milling at Seaboard Corp. from 2006 to 2023. His previous roles at the company include serving as Vice President and Treasurer of Seaboard Overseas and Trading Group from 1996 to 2006.

Jacob (Jack) A. Bresky, Vice President-Business Development

Jacob (Jack) A. Bresky was elected to the office of Vice President-Business Development. He is the son of former President, CEO, and Chairman Steven J. Bresky and current Chairwoman Ellen S. Bresky. Jack Bresky has been with Seaboard Corporation for over seven years.

Key Business Risks for Seaboard (SEB)

Seaboard Corporation (SEB) faces several key risks inherent to its diversified global operations in agricultural, energy, and ocean transport businesses. The most significant risks include the challenges associated with its extensive international activities, broad market exposures, and the increasing threat of cybersecurity incidents.

1. Risks Associated with International Operations: Seaboard's substantial international presence, particularly in lesser-developed countries, exposes it to a multitude of risks. These include fluctuations in foreign currency exchange rates, currency inconvertibility and devaluation, foreign currency exchange or retail price controls, hyperinflation, heightened customer credit and execution risks, and trade barriers such as border restrictions, tariffs, and quotas. Furthermore, the company faces risks from border closings by foreign countries due to animal disease or other health concerns, changes in tax laws, unexpected legal and regulatory requirements, and negative perceptions of a U.S. company operating abroad.
2. Market Risks: The company's operations are significantly exposed to market risks arising from changes in commodity prices, interest rates, and equity prices. These fluctuations can impact the profitability of its various segments, including hog production and pork processing, commodity trading and grain processing, sugar and alcohol production, and electric power generation.
3. Cybersecurity Threats: Seaboard, like many modern corporations, is increasingly vulnerable to sophisticated and high-volume cybersecurity threats and cyber-attacks. While the company continuously updates its information security plan and invests in protecting its IT infrastructure, these threats pose an ongoing risk that could materially affect its business strategy, operations, or financial condition.

The rise of alternative proteins (plant-based and cell-cultured meat) poses a clear emerging threat to Seaboard's significant pork and turkey production businesses, as these new product categories aim to displace conventional animal protein consumption.

The global transition to renewable energy sources presents a clear emerging threat to Seaboard's traditional fossil-fuel-based power generation segment in the Dominican Republic, potentially leading to increased regulatory pressure, reduced demand for conventional power, or the stranding of assets over time.

Seaboard Corporation (SEB) operates across several diverse agribusiness and transportation segments, including pork production and processing, marine transportation, commodity trading and milling, sugar and alcohol production, and power generation.

Addressable Markets for Seaboard's Main Products and Services:

• Pork Production and Processing: The global pork meat market was valued at approximately USD 293.18 billion in 2023 and is projected to reach USD 424.44 billion by 2030, growing at a CAGR of 5.5%. The US processed pork meat market alone is estimated at USD 5.05 billion in 2025 and is expected to reach USD 5.77 billion by 2030. The United States produced 12.7 million tons of pork in 2024, making it the world's second-largest producer.
• Marine Transportation (Cargo Shipping Services): The global maritime freight transport market was valued at USD 371.9 billion in 2023 and is projected to reach USD 552.1 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033. North America held the largest market share in the maritime freight transport market in 2024. Another estimate places the global market at USD 396.99 billion in 2024, projected to grow to USD 665.04 billion by 2035.
• Commodity Trading and Milling: The global commercial flour market was valued at USD 52.9 billion in 2024, with expectations to reach USD 74.8 billion by 2034, growing at a CAGR of 3.9%. Specifically, the global wheat flour market size was USD 173.02 billion in 2023 and is projected to reach USD 250.15 billion by 2032. In the U.S., the wheat flour market was valued at over USD 22.5 billion in 2020 and is projected to grow to nearly USD 27 billion by 2030. The broader global agribusiness market was valued at USD 3.4 trillion in 2024 and is estimated to reach USD 4.4 trillion by 2033.
• Sugar and Alcohol Production: The global sugar market size was estimated at USD 66.39 billion in 2023 and is projected to reach USD 102.32 billion by 2030. In terms of volume, the global sugar market was valued at 194.9 million tons in 2024 and is expected to reach 223.1 million tons by 2033. The United States sugar market volume reached 11.74 million metric tons in 2024 and is projected to reach approximately 13.23 million metric tons by 2034.
• Power Generation: null

1. Global Market Expansion: Seaboard is actively pursuing global market penetration, particularly in emerging economies, leveraging its extensive international presence across multiple continents. Strategic acquisitions, such as the Mimran agri-food group in West Africa, demonstrate a commitment to expanding its production and distribution capabilities in new territories. This expansion is expected to contribute to revenue growth, with projected investments in international markets anticipating a 12.3% revenue expansion.
2. Increased Production and Operational Capacity: The company is focused on expanding its production capacity in key sectors, including grain and energy. Significant capital expenditures are planned for 2025, primarily directed towards the Marine and Pork segments to expand and improve infrastructure. For example, Seaboard integrated five new vessels into its marine operations during the first nine months of 2025, with another expected in Q4 2025, contributing to expanded operations.
3. Technological Modernization and Digital Transformation: Seaboard is investing in technological modernization and digital transformation initiatives. These investments, including projected outlays for technology infrastructure, aim to enhance operational efficiency, which can indirectly drive revenue growth through improved productivity and cost management.
4. Favorable Commodity Price Trends: As a diversified agribusiness, Seaboard's Commodity Trading and Milling (CT&M) segment is significantly influenced by the prices of commodities such as wheat, corn, and soybeans. Higher commodity prices can lead to increased revenues for each ton of product sold, positively impacting net income in this segment. The company has historically benefited from reselling commodities at higher prices.
5. Improved Pork Market Conditions and Pricing: While the pork market has faced challenges, there is an expectation that it will experience more favorable conditions in the future. In Q3 2025, the Pork Segment experienced an 8.37% increase in net sales due to higher selling prices, contributing to overall revenue growth and improved profitability. Sustained improvement in pork prices and demand is anticipated to enhance Seaboard's financial position.

Share Repurchases

• Seaboard Corporation authorized a share repurchase program of up to $100 million in May 2025, which runs through December 31, 2027.
• The company's outstanding common shares decreased by 17.47% from 1,160,779 in 2020 to 957,951 in Q3 2025, indicating a reduction in shares over this period.
• The repurchase program grants flexibility, with no minimum purchase requirement, and may be modified, suspended, or terminated at the company's discretion.

Outbound Investments

• Seaboard maintains a 52.5% non-controlling investment in Butterball, LLC, a prominent producer and processor of turkey products.
• The company's "All Other" segment, which includes biodiesel production, is expected to experience steady growth.
• Seaboard expanded its Marine operations by integrating five new vessels during the first nine months of 2025.

Capital Expenditures

• Adjusted capital expenditures increased by 51.72% from $348 million in 2019 to $528 million in Q3 2025 (TTM).
• Seaboard plans approximately $630 million in capital expenditures for 2025, primarily focused on its Marine and Pork segments.
• In the Pork segment, significant capital has been allocated to renewable biogas recovery projects and the regular replacement of the breeding herd.