Sanfilippo John B & Son Inc (NASDAQ: JBSS)

John B. Sanfilippo & Son, Inc. is a leading processor and distributor of peanuts, pecans, cashews, walnuts, almonds and other nuts in the United States, and also manufactures and distributes a full line of snack and nutrition bars. The company sources raw nuts from growers, shells them in its own facilities, processes the kernels, and packages the final products under its own brands such as Fisher, Orchard Valley Harvest, Squirrel Brand, Southern Style Nuts and Just the Cheese, as well as under private label arrangements for retailers. It emphasizes vertical integration for pecans, peanuts and walnuts, enabling direct purchase of inshell nuts from growers and internal management of shelling, processing and packaging. In addition to nuts, the company produces peanut butter, almond butter, cashew butter, candy, confections, trail mixes, granola, dried fruit, corn snacks, sesame sticks and a variety of bar formulations including chewy, crunchy, energy and fiber bars.

Revenue is generated primarily through the sale of nuts, nut based products and bars across three distribution channels: the consumer channel, which sells to food retailers; the commercial ingredient channel, which supplies nuts to food manufacturers; and the contract manufacturing channel, which processes and packages snacks for other companies under their brand names. Nuts and nut based products accounted for approximately 92% of gross sales over the last three fiscal years, while bars contributed the remainder. The company’s product portfolio includes raw and roasted nuts, nut butters, candy, confections, trail mixes, granola, dried fruit, corn snacks, sesame sticks and a variety of bar formulations such as chewy, crunchy, energy and fiber bars. Sales are made to retailers, wholesalers, foodservice operators and industrial customers, with a significant portion of revenue coming from private label programs.

The company operates through a single operating segment that encompasses its nut related products and bars business.

• Nut and Nut Related Products and Bars Segment: This segment sources, shells, processes, packages and markets peanuts, pecans, cashews, walnuts, almonds and other nuts, and manufactures and distributes snack and nutrition bars under the Fisher, Orchard Valley Harvest, Squirrel Brand, Southern Style Nuts and Just the Cheese brands as well as private labels. It serves the consumer channel by supplying branded and private label products to retailers, the commercial ingredient channel by providing customized nut inputs to food manufacturers, and the contract manufacturing channel by processing and packaging nut based snacks for other companies according to their specifications.

John B. Sanfilippo & Son, Inc. holds a strong position as one of the largest independent nut processors in the United States, competing with major branded players such as Hormel Foods Corp. (Planters), Diamond brand and various regional nut processors, as well as bar competitors including General Mills (Nature Valley), PepsiCo, Inc. (Quaker), Mondelez (CLIF), Kellanova (Nutri Grain), Mars (KIND) and numerous regional bar manufacturers. The company’s competitive advantages stem from its vertically integrated model for pecans, peanuts and walnuts, which allows direct procurement from growers, cost savings and quality control, combined with a diverse product portfolio, strong brand recognition, flexible distribution across multiple channels and a focus on innovation and customer service.

The company serves approximately 210 customers, ranging from large national retailers to food manufacturers and contract manufacturers. Notable customers include Walmart Inc., which accounted for about 40% of net sales in fiscal 2025, and Target Corporation, representing roughly 11% of net sales in the same period. The customer base also comprises supermarket chains, wholesalers, e commerce retailers, foodservice distributors, bakery and confectionery manufacturers and other industrial users that purchase nuts and bars as ingredients or for resale.