THE JM SMUCKER COMPANY

Red flags

• Net loss was $138.7 million, or $(1.30) per diluted share, in FY2026; the company also reported a $1.23 billion net loss in FY2025.
• Debt remained high at $6.54 billion carrying value versus $6.40 billion fair value at April 30, 2026; $150 million was classified as current and the term loan matures in March 2027.
• Substantially all coffee production takes place in New Orleans, while 21% of full-time employees at eight manufacturing locations are covered by collective bargaining agreements; three contracts covering approximately 5% of total employees expire in 2027.
• Work-in-process inventory increased to $118.2 million from $81.0 million, potentially indicating higher production pipeline or inventory-management requirements.