Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Current Price: ~$25.40 (May 2026) Authors: Warren Buffett & Charlie Munger Charlie and I always begin with the simplest question: do we understand what this company does? With Hormel Foods, the answer is an unequivocal yes. Hormel is a 134-year-old branded packaged-meats and food company headquartered in Austin, Minnesota. It takes commodity proteins — pork, turkey, chicken, beef — and other agricultural inputs, processes them, brands them, and sells them through three reportable segments: Retail (~63% of sales) — Grocery-store products. The portfolio includes SPAM, Hormel Black Label bacon, Hormel chili, Skippy peanut butter, Jennie-O turkey, Applegate natural meats, Wholly Guacamole, Herdez, Planters nuts (acquired from Kraft Heinz in 2021 for $3.35 billion), Columbus deli meats, Hormel Gatherings party trays, and refrigerated-entrée brands like Hormel Square Table.
Recent filings analysed: 8-K (2026-07-28), 8-K (2026-06-12), 8-K (2026-05-28), 10-Q (2026-05-28).
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