TYSON FOODS, INC. (TSN)

Tyson Foods, Inc. is one of the world's largest food companies and a recognized leader in protein, headquartered in Springdale, Arkansas, with approximately 139,000 employees globally as of September 30, 2023. Founded in 1935, the company operates a broad portfolio of brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®, and organizes its business into four reportable segments: Beef, Pork, Chicken and Prepared Foods, with International/Other covering foreign operations in countries such as Australia, China, Malaysia, Mexico, the Netherlands, South Korea, Thailand and Saudi Arabia. The Beef segment processes live fed cattle into primal and sub-primal cuts and case-ready products, while the Pork segment processes live market hogs similarly, both selling specialty products like hides and variety meats to food retailers, foodservice distributors, restaurants, institutions and international export markets.

The Chicken segment operates a fully vertically-integrated production process—from breeding stock through contract farming, feed milling, processing and further-processing—producing fresh, frozen and value-added products such as breaded strips, nuggets and patties, supported by its Cobb-Vantress subsidiary, a leading global poultry breeding stock supplier. The Prepared Foods segment manufactures and markets frozen and refrigerated products including ready-to-eat sandwiches, sausages, bacon, hot dogs, lunchmeat, tortillas, appetizers and prepared meals under brands like Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, Aidells® and Gallo Salame®. Products across all segments are sold primarily through company sales staff, as well as independent brokers and trading companies, to grocery retailers and wholesalers, meat distributors, warehouse clubs, military commissaries, industrial food processors, restaurants and their distributors, foodservice operations (schools, hospitals, convenience stores), live markets, and international export companies, with sales in approximately 140 countries and regions; Walmart Inc. represented 18.6% of fiscal 2023 consolidated sales, with no other customer exceeding 10%.

The company maintains international operations through subsidiaries and joint ventures in regions including Asia-Pacific, China-Korea, Europe, Brazil, Argentina/Uruguay, India and Mexico, and it invests in innovation through Tyson New Ventures, LLC, which focuses on breakthrough protein technologies and sustainable food production, alongside a Discovery Center and Manufacturing Automation Center supporting product development, process automation and breeding stock improvement. Raw materials include live cattle and hogs sourced through buyers and procurement arrangements, corn and soybean meal for chicken feed, and various commodity-based ingredients such as beef, pork, chicken, turkey, flour, cheese and seasonings for prepared foods, with the company relying on a national distribution network of owned and leased cold storage, public warehousing, and rail/truck transportation to serve both domestic and international markets.