Hormel Foods Corporation (HRL) Balance Sheet
HRL balance sheet, FY2025
October 31, 2025 · U.S. dollars$13.39B assets = $5.48B liabilities + $7.92B equity
Both columns are drawn to the same scale: what HRL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HRL financial health
Current ratio2.47
Comfortable · current assets cover current liabilities 2.47×
Debt / equity0.36
Low leverage · $0.36 of debt for each $1 of equity
Equity / assets59.0%
Equity-funded · of assets funded by shareholders
Cash / debt24.6%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles49.1%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
HRL balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.37BFY2016 | $13.39BFY2025 | +8.6%/yr | |
| Total liabilities | $1.92BFY2016 | $5.48BFY2025 | +12.4%/yr | |
| Shareholders’ equity | $4.45BFY2016 | $7.90BFY2025 | +6.6%/yr | |
| Cash & short-term investments | $415.1MFY2016 | $703.6MFY2025 | +6.0%/yr | |
| Total debt | $1.30BFY2016 | $2.86BFY2025 | +9.1%/yr | |
| Net cash (debt) | −$888.1MFY2016 | −$2.15BFY2025 | −$1.3B | |
| Working capital | $976.7MFY2016 | $2.02BFY2025 | +$1.0B | |
| Book value per share | $8.21FY2016 | $14.35FY2025 | +6.4%/yr | |
| Current ratio | 1.93FY2016 | 2.47FY2025 | +0.54 | |
| Debt / equity | 0.29FY2016 | 0.36FY2025 | +0.07 | |
| Shares outstanding | 542.5MFY2016 | 550.5MFY2025 | +0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HRL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
HRL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
HRL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HRL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $703.6M | $766.6M | $753.2M | $998.3M | $634.7M | $1.73B | $687.6M | $459.1M | $444.1M | $415.1M |
| Cash & equivalents | $670.7M | $741.9M | $736.5M | $982.1M | $613.5M | $1.71B | $672.9M | $459.1M | $444.1M | $415.1M |
| Short-term investments | $32.9M | $24.7M | $16.7M | $16.1M | $21.2M | $17.3M | $14.7M | $0 | $0 | $0 |
| Receivables | $881.6M | $868.3M | $824.6M | $874.8M | $904.0M | $743.9M | $594.3M | $604.4M | $640.7M | $609.6M |
| Inventory | $1.75B | $1.58B | $1.68B | $1.72B | $1.37B | $1.07B | $1.04B | $963.5M | $921.0M | $985.7M |
| Other current assets | $73.2M | $35.3M | $39.0M | $48.0M | $39.9M | $30.8M | $37.1M | $23.0M | $20.7M | $19.5M |
| Total current assets | $3.41B | $3.25B | $3.30B | $3.64B | $2.95B | $3.58B | $2.36B | $2.05B | $2.03B | $2.03B |
| Property, plant & equipment (net) | $2.24B | $2.19B | $2.17B | $2.14B | $2.11B | $1.90B | $1.63B | $1.51B | $1.20B | $1.11B |
| Goodwill & intangible assets | $6.57B | $6.66B | $6.69B | $6.73B | $6.75B | $3.69B | $3.52B | $3.92B | $5.27B | $4.57B |
| Long-term investments | $534.0M | $719.5M | $725.1M | $271.1M | $299.0M | $308.4M | $289.2M | $273.2M | $242.4M | $239.6M |
| Other non-current assets | $643.3M | $617.9M | $575.0M | $528.7M | $589.0M | $433.6M | $313.8M | $385.1M | $0 | $0 |
| Total assets | $13.39B | $13.43B | $13.45B | $13.31B | $12.70B | $9.91B | $8.11B | $8.14B | $6.98B | $6.37B |
| Liabilities | ||||||||||
| Accounts payable | $731.6M | $735.6M | $771.4M | $816.6M | $793.3M | $644.6M | $590.0M | $618.8M | $552.7M | $481.8M |
| Short-term debt | $6.6M | $7.8M | $950.5M | $8.8M | $8.8M | $258.7M | $0 | $0 | $250.0M | $1.05B |
| Deferred revenue | — | — | $589.9M | $475.2M | — | $218.8M | $176.6M | $197.1M | $98.4M | −$1.54B |
| Total current liabilities | $1.38B | $1.40B | $2.31B | $1.47B | $1.42B | $1.50B | $1.11B | $1.14B | $1.06B | $1.05B |
| Long-term debt | $2.85B | $2.85B | $2.36B | $3.29B | $3.32B | $1.04B | $250.0M | $624.8M | $250.0M | $250.0M |
| Other long-term liabilities | $1.25B | $1.18B | $1.04B | $1.00B | $987.2M | $929.1M | $828.4M | $773.7M | $728.0M | $615.5M |
| Total liabilities | $5.48B | $5.43B | $5.71B | $5.77B | $5.72B | $3.48B | $2.18B | $2.54B | $2.04B | $1.92B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $8.1M | $8.0M | $8.0M | $8.0M | $7.9M | $7.9M | $7.8M | $114.4M | $21.4M | $7.7M |
| Retained earnings (deficit) | $7.52B | $7.68B | $7.49B | $7.31B | $6.88B | $6.52B | $6.13B | $5.73B | $5.16B | $4.74B |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$243.6M | −$263.3M | −$272.3M | −$255.6M | −$277.3M | −$395.2M | −$399.5M | −$243.5M | −$248.1M | −$296.3M |
| Minority interest | $14.6M | $10.6M | $4.1M | $4.9M | $5.5M | $4.8M | $4.1M | $4.0M | $3.8M | $3.4M |
| Total shareholders' equity | $7.90B | $7.99B | $7.73B | $7.54B | $6.97B | $6.43B | $5.92B | $5.60B | $4.94B | $4.45B |
| Key figures | ||||||||||
| Total debt | $2.86B | $2.86B | $3.31B | $3.30B | $3.32B | $1.30B | $250.0M | $624.8M | $250.0M | $1.30B |
| Net cash (debt) | −$2.15B | −$2.09B | −$2.56B | −$2.30B | −$2.69B | $428.0M | $437.6M | −$165.7M | $194.1M | −$888.1M |
| Working capital | $2.02B | $1.85B | $985.5M | $2.16B | $1.53B | $2.08B | $1.26B | $911.2M | $968.3M | $976.7M |
| Tangible book value | $1.33B | $1.34B | $1.05B | $806.4M | $221.5M | $2.74B | $2.41B | $1.68B | −$326.9M | −$120.8M |
| Book value per share | $14.35 | $14.56 | $14.09 | $13.71 | $12.73 | $11.76 | $10.86 | $10.30 | $9.16 | $8.21 |
| Shares outstanding | 550.5M | 548.8M | 549.0M | 549.6M | 547.6M | 546.6M | 545.2M | 543.9M | 539.1M | 542.5M |
| Current ratio | 2.47 | 2.32 | 1.43 | 2.47 | 2.08 | 2.38 | 2.14 | 1.80 | 1.92 | 1.93 |
| Quick ratio | 1.15 | 1.17 | 0.68 | 1.27 | 1.09 | 1.65 | 1.16 | 0.93 | 1.03 | 0.97 |
| Debt / equity | 0.36 | 0.36 | 0.43 | 0.44 | 0.48 | 0.20 | 0.04 | 0.11 | 0.05 | 0.29 |
| Equity / assets | 59.0% | 59.5% | 57.5% | 56.6% | 54.9% | 64.9% | 73.0% | 68.8% | 70.8% | 69.9% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $868.4M | $859.9M | $901.2M | $703.6M | $630.7M | $699.0M | $866.4M | $766.6M | $561.9M | $1.51B | $981.9M | $753.2M |
| Cash & equivalents | $839.6M | $826.8M | $867.9M | $670.7M | $599.2M | $669.7M | $840.4M | $741.9M | $537.5M | $1.49B | $963.2M | $736.5M |
| Short-term investments | $28.8M | $33.1M | $33.3M | $32.9M | $31.5M | $29.3M | $26.0M | $24.7M | $24.5M | $23.1M | $18.7M | $16.7M |
| Receivables | $733.5M | $818.8M | $755.1M | $881.6M | $814.9M | $794.5M | $818.6M | $868.3M | $727.1M | $732.0M | $751.0M | $824.6M |
| Inventory | $1.80B | $1.75B | $1.65B | $1.75B | $1.82B | $1.73B | $1.52B | $1.58B | $1.65B | $1.67B | $1.58B | $1.68B |
| Other current assets | $122.8M | $64.0M | $84.7M | $73.2M | $55.1M | $59.3M | $64.4M | $35.3M | $58.8M | $61.6M | $56.0M | $39.0M |
| Total current assets | $3.53B | $3.49B | $3.39B | $3.41B | $3.32B | $3.28B | $3.27B | $3.25B | $3.00B | $3.98B | $3.37B | $3.30B |
| Property, plant & equipment (net) | $2.16B | $2.17B | $2.24B | $2.24B | $2.21B | $2.19B | $2.17B | $2.19B | $2.17B | $2.16B | $2.16B | $2.17B |
| Goodwill & intangible assets | $6.44B | $6.46B | $6.48B | $6.57B | $6.64B | $6.65B | $6.64B | $6.66B | $6.67B | $6.68B | $6.68B | $6.69B |
| Long-term investments | $527.9M | $568.5M | $577.1M | $534.0M | $698.6M | $682.8M | $710.4M | $719.5M | $680.4M | $710.0M | $728.1M | $725.1M |
| Other non-current assets | $634.3M | $658.5M | $633.0M | $643.3M | $618.2M | $619.6M | $607.7M | $617.9M | $600.1M | $607.9M | $577.7M | $575.0M |
| Total assets | $13.29B | $13.34B | $13.32B | $13.39B | $13.50B | $13.42B | $13.40B | $13.43B | $13.11B | $14.14B | $13.51B | $13.45B |
| Liabilities | ||||||||||||
| Accounts payable | $678.0M | $669.4M | $670.9M | $731.6M | $707.8M | $716.9M | $709.2M | $735.6M | $675.2M | $691.5M | $744.1M | $771.4M |
| Short-term debt | $505.6M | $505.3M | $6.5M | $6.6M | $6.7M | $7.2M | $7.2M | $7.8M | $8.2M | $957.3M | $954.0M | $950.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | $18.5M | $53.6M | $85.5M | $589.9M |
| Total current liabilities | $1.87B | $1.80B | $1.27B | $1.38B | $1.35B | $1.33B | $1.33B | $1.40B | $1.31B | $2.30B | $2.26B | $2.31B |
| Long-term debt | $2.35B | $2.35B | $2.85B | $2.85B | $2.85B | $2.85B | $2.85B | $2.85B | $2.85B | $2.85B | $2.36B | $2.36B |
| Other long-term liabilities | $1.21B | $1.23B | $1.24B | $1.25B | $1.21B | $1.20B | $1.18B | $1.18B | $1.08B | $1.08B | $1.05B | $1.04B |
| Total liabilities | $5.43B | $5.38B | $5.36B | $5.48B | $5.40B | $5.38B | $5.37B | $5.43B | $5.24B | $6.24B | $5.66B | $5.71B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $8.1M | $8.1M | $8.1M | $8.1M | $8.1M | $8.1M | $8.1M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M |
| Retained earnings (deficit) | $7.43B | $7.53B | $7.54B | $7.52B | $7.73B | $7.71B | $7.69B | $7.68B | $7.61B | $7.59B | $7.56B | $7.49B |
| Accumulated other comprehensive income | −$236.9M | −$228.0M | −$233.0M | −$243.6M | −$275.0M | −$298.6M | −$271.3M | −$263.3M | −$314.4M | −$262.3M | −$250.8M | −$272.3M |
| Minority interest | $16.2M | $14.6M | $14.7M | $14.6M | $9.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $7.84B | $7.95B | $7.94B | $7.90B | $8.08B | $8.03B | $8.03B | $7.99B | $7.87B | $7.89B | $7.84B | $7.73B |
| Key figures | ||||||||||||
| Total debt | $2.86B | $2.86B | $2.86B | $2.86B | $2.86B | $2.86B | $2.86B | $2.86B | $2.86B | $3.81B | $3.31B | $3.31B |
| Net cash (debt) | −$1.99B | −$2.00B | −$1.96B | −$2.15B | −$2.23B | −$2.16B | −$1.99B | −$2.09B | −$2.30B | −$2.30B | −$2.33B | −$2.56B |
| Working capital | $1.65B | $1.69B | $2.12B | $2.02B | $1.98B | $1.95B | $1.93B | $1.85B | $1.69B | $1.67B | $1.11B | $985.5M |
| Tangible book value | $1.40B | $1.49B | $1.46B | $1.33B | $1.44B | $1.39B | $1.38B | $1.34B | $1.20B | $1.21B | $1.16B | $1.05B |
| Book value per share | $14.23 | $14.43 | $14.42 | $14.35 | $14.69 | $14.59 | $14.60 | $14.55 | $14.32 | $14.37 | $14.32 | $14.11 |
| Shares outstanding | 551.1M | 550.8M | 550.7M | 550.5M | 550.4M | 550.6M | 549.9M | 549.5M | 549.3M | 548.7M | 547.9M | 548.2M |
| Current ratio | 1.88 | 1.94 | 2.66 | 2.47 | 2.47 | 2.47 | 2.45 | 2.32 | 2.29 | 1.73 | 1.49 | 1.43 |
| Quick ratio | 0.85 | 0.93 | 1.30 | 1.15 | 1.07 | 1.12 | 1.27 | 1.17 | 0.98 | 0.97 | 0.77 | 0.68 |
| Debt / equity | 0.36 | 0.36 | 0.36 | 0.36 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.48 | 0.42 | 0.43 |
| Equity / assets | 59.0% | 59.6% | 59.6% | 59.0% | 59.9% | 59.8% | 59.9% | 59.5% | 60.0% | 55.8% | 58.0% | 57.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 5, 2025); data from EODHD.
HRL financial position
At the end of fiscal 2025 (October 31, 2025), Hormel had total assets of $13.4 billion (down 0.3% from a year earlier), total liabilities of $5.5 billion and shareholders' equity of $7.9 billion. It held $703.6 million in cash and short-term investments against $2.9 billion of debt, net debt of $2.2 billion. Its current ratio was 2.47. In the latest quarter (ended July 31, 2026) total assets were $13.3 billion and equity $7.8 billion.
Related: HRL income statement, HRL cash flow statement, HRL key metrics. See the HRL stock overview for the latest quote and news.
HRL balance sheet FAQ
What are Hormel's total assets?
Hormel reported total assets of $13.4 billion at the end of fiscal 2025 (October 31, 2025), compared with $13.4 billion a year earlier.
How much debt does Hormel have?
Hormel had $2.9 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.36.
How much cash does Hormel have?
Hormel held $703.6 million in cash and short-term investments at the end of fiscal 2025; with $2.9 billion of debt that is net debt of $2.2 billion.
What is Hormel's book value?
Hormel's shareholders' equity (book value) was $7.9 billion at the end of fiscal 2025, or $14.35 per share.
What is Hormel's current ratio?
Hormel had current assets of $3.4 billion and current liabilities of $1.4 billion, a current ratio of 2.47 (it can cover its short-term obligations).
How much goodwill does Hormel have?
Hormel carried $6.6 billion of goodwill and intangible assets, 49.1% of total assets, at the end of fiscal 2025.