$Seaboard (SEB.US)$Is an American company, the main business...

Over the past five years, gross profit margin fell from 9.45% to 6.43% and then rebounded to 8.86%, while return on equity rose from 7.5% to 13.9, up from-0.5% in 2018. Neither of the numbers is attractive.

Revenue continued to grow over the past five years, while operating profit declined sharply in 2018 and 2019, and resumed growth in 2020 and 2021; net profit declined by 22% in 2018, slipped into the loss range in 2018, resumed growth in 2019, doubled in 2021 compared with 2020, and the five-year average growth rate of net profit was 13%. In the first two quarters of 2022, revenue increased by 26.6% and operating profit increased by 31.5%, but net profit fell by 40.6%, mainly due to a loss of 160 million from 127 million in 2021.

The income statement shows that at present, the company's interest is net income, and other income items have a great impact on the net profit, reaching 30% of the operating profit in 2021 and nearly twice the operating profit in 2019. The main item is the income from the sale of securities.

Over the past five years, the asset-liability ratio has risen from 34% to 41%.

Inventories increased by 485 million and receivables increased by 230 million in 2021, exceeding the net profit of 570 million in 2021.

Long-term borrowing is 708 million, accounting for 16% of net assets and low leverage.

Over the past five years, the net operating volume has accumulated 1.47 billion, and the net investment has accumulated 2.2 billion, and there is no shareholder surplus.

At present, the price-to-earnings ratio is 7.6 and the price-to-earnings ratio is TTM 10.1, which is not very attractive.