Seaboard Corporation (SEB): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Seaboard Corporation (SEB), une puissance mondiale qui tisse de manière transparente l'innovation agricole, le commerce des matières premières et la logistique en une tapisserie complexe d'excellence commerciale. Cette entreprise dynamique transforme les frontières agricoles traditionnelles en tirant parti des partenariats stratégiques, des installations de transformation de pointe et un vaste réseau international qui couvre la production, le transport et la distribution alimentaires. Du trading de céréales à la fabrication des protéines, Seaboard Corporation représente un modèle sophistiqué de solutions agricoles intégrées qui redéfinissent le fonctionnement des systèmes alimentaires mondiaux, ce qui en fait une étude de cas fascinante dans la stratégie d'entreprise moderne et la résilience économique.

Seaboard Corporation (SEB) - Modèle d'entreprise: partenariats clés

Partenariats agricoles stratégiques avec les producteurs d'aliments mondiaux

Seaboard Corporation maintient des partenariats critiques avec les producteurs agricoles sur plusieurs continents:

Région partenaire	Focus de partenariat	Volume annuel
Brésil	Production de maïs et de soja	1,2 million de tonnes métriques
Mexique	Traitement des céréales	850 000 tonnes métriques
États-Unis	Production de porc	5,2 millions de porcs par an

Coentreprises dans le transport marin et la logistique

Les partenariats de transport maritime de Seaboard comprennent:

• Groupe de ship de navire (OSG) pour la logistique maritime mondiale
• Hambourg Süd pour les routes d'expédition internationales
• Ligne Maersk pour le transport de fret conteneurisé

Partenaire de logistique	Volume d'expédition annuel	Durée du partenariat
Groupe de titres de navire à l'étranger	1,5 million de conteneurs EVP	Plus de 10 ans
Hambourg Süd	1,2 million de conteneurs EVP	8 ans

Relations collaboratives avec les réseaux de trading de matières premières

Seaboard s'engage avec les réseaux mondiaux de trading de produits de base:

• Cargill International
• Bunge Limited
• Louis Dreyfus Company

Réseau commercial	Volume commercial annuel	Types de produits
Cargill International	2,3 millions de tonnes métriques	Grains, graines d'huile
Bunge Limited	1,8 million de tonnes métriques	Maïs, soja

Alliances de la chaîne d'approvisionnement avec des entreprises internationales de transformation des aliments

Partenariats internationaux de transformation des aliments de Seaboard:

• Tyson Foods
• JBS S.A.
• Smithfield Foods

Partenaire de traitement	Volume de traitement annuel	Portée du partenariat
Tyson Foods	750 000 tonnes métriques	Traitement du porc
JBS S.A.	650 000 tonnes métriques	Distribution des produits de viande

Seaboard Corporation (SEB) - Modèle d'entreprise: activités clés

Opérations de trading des céréales et des matières premières

Seaboard Corporation exploite les activités mondiales de négociation des produits de base avec les mesures clés suivantes:

Volume de trading	Revenus annuels	Portée géographique
5,2 millions de tonnes métriques de grains	387,4 millions de dollars de revenus de négociation sur les matières premières (2022)	Amérique du Nord, Amérique du Sud, Europe, Asie

Production et traitement des produits agricoles

Les activités de production et de transformation agricoles de Seaboard comprennent:

• Production de maïs: 250 000 acres sous gestion
• Capacité de traitement du blé: 3,6 millions de boisseaux par an
• Capacité de stockage des céréales: 45 millions de boisseaux

Services de transport marin et d'expédition

Les opérations de transport marin comprennent:

Composition de la flotte	Volume d'expédition annuel	Revenus des services marins
12 navires possédés	2,1 millions de tonnes métriques de fret	276,5 millions de dollars (2022)

Fabrication de protéines et de produits alimentaires

Détails de production et de traitement des protéines:

• Production de porc: 2,4 millions de porcs traités chaque année
• Installations de fabrication de protéines: 7 grandes usines de traitement
• Revenu annuel des produits protéiques: 1,2 milliard de dollars

Distribution et logistique internationales de matières premières

Capacités de distribution internationales:

Pays desservis	Centres de distribution	Revenus de réseau logistique
38 pays	22 centres de distribution internationaux	456,7 millions de dollars (2022)

Seaboard Corporation (SEB) - Modèle d'entreprise: Ressources clés

Extension des terres agricoles

Seaboard Corporation possède et exploite environ 140 000 acres de terres agricoles dans plusieurs régions. Déchange des fonds fonciers:

Région	Acres	Cultures primaires
États-Unis	95,000	Maïs, soja
Amérique du Sud	35,000	Blé, canne à sucre
Autres régions	10,000	Cultures mixtes

Flotte de transport marin spécialisé

Les actifs de transport marin comprennent:

• Total des navires: 12 navires de cargaison spécialisés
• Capacité totale de chargement: 375 000 tonnes métriques
• Routes primaires: Caraïbes, golfe du Mexique, Amérique du Sud

Installations avancées de transformation des aliments

Détails de l'infrastructure de traitement:

Emplacement	Type d'installation	Capacité de traitement
États-Unis	Traitement des céréales	5,2 millions de boisseaux / an
Mexique	Traitement du porc	1,8 million de porcs / an
International	Traitement des produits	3,5 millions de tonnes métriques / an

Expertise mondiale sur le commerce des produits de base

Volume de trading et capacités:

• Volume annuel des échanges de produits de base: 12,5 millions de tonnes métriques
• Marchés commerciaux actifs: 17 pays
• Types de matières premières: céréales, protéines, produits agricoles

Infrastructure agricole et logistique diversifiée

Statistiques du réseau logistique:

Composant d'infrastructure	Quantité	Capacité
Installations de stockage	42 entrepôts	6,3 millions de mètres cubes
Réseau de transport	125 véhicules logistiques	8 500 tonnes métriques / jour
Centres de distribution	18 centres	Couvrant 4 continents

Seaboard Corporation (SEB) - Modèle d'entreprise: propositions de valeur

Solutions de chaîne d'approvisionnement agricole intégrée

Seaboard Corporation opère dans plusieurs segments agricoles avec une génération de valeur précise:

Segment	Revenus annuels (2023)	Couverture du marché mondial
Production de protéines	1,42 milliard de dollars	22 pays
Trading des produits	3,67 milliards de dollars	37 Marchés internationaux
Opérations de fraisage	612 millions de dollars	15 pays

Distribution fiable des produits alimentaires mondiaux

• Volume annuel des échanges de produits de base: 4,3 millions de tonnes métriques
• Réseau de distribution mondial couvrant 5 continents
• Relations d'exportation directes avec 47 pays

Traitement efficace des protéines et des produits agricoles

Capacités de traitement et métriques de sortie:

Type de produit	Capacité de traitement annuelle	Efficacité de production
Production de porc	1,2 million de têtes / an	92% d'efficacité opérationnelle
Traitement des céréales	3,6 millions de tonnes métriques	Efficacité de traitement de 89%

Services de logistique et de transport complets

• Flotte de transport dédiée: 423 véhicules
• Capacité de stockage de l'entrepôt: 1,7 million de pieds carrés
• Itinéraires d'expédition internationaux: 62 couloirs maritimes actifs

Capacités de production alimentaire durables et évolutives

Métriques de durabilité et de production:

Métrique de la durabilité	Performance actuelle	Cible de réduction
Émissions de carbone	12,4% de réduction (2022-2023)	25% d'ici 2030
Efficacité d'utilisation de l'eau	Amélioration de 18%	30% d'ici 2025

Seaboard Corporation (SEB) - Modèle d'entreprise: relations clients

Partenariats d'entreprise à long terme

Seaboard Corporation entretient des relations B2B stratégiques dans plusieurs secteurs avec des valeurs de contrat annuelles allant de 50 millions de dollars à 250 millions de dollars en marchés de transformation agricole et alimentaire.

Catégorie de partenaire	Valeur du contrat annuel	Durée
Commerçants de produits agricoles	125 millions de dollars	3-5 ans
Entreprises de transformation des aliments	180 millions de dollars	5-7 ans
Distributeurs internationaux de céréales	95 millions de dollars	2-4 ans

Engagement direct avec les acheteurs de produits agricoles

Seaboard Corporation s'engage directement avec les acheteurs de matières premières par le biais d'équipes de vente spécialisées avec une fréquence d'interaction client moyenne de 42 points de contact par an.

• Taille de l'équipe de vente directe: 87 professionnels
• Durée moyenne de la relation client: 6,3 ans
• Taux de rétention de la clientèle: 89,4%

Solutions de chaîne d'approvisionnement personnalisées

Seaboard fournit des solutions de chaîne d'approvisionnement sur mesure avec des niveaux de personnalisation atteignant 76% sur différents segments de clientèle.

Type de solution de chaîne d'approvisionnement	Pourcentage de personnalisation	Impact annuel sur les revenus
Logistique des marchandises	68%	210 millions de dollars
Transport agricole	82%	175 millions de dollars
Manipulation spécialisée	79%	145 millions de dollars

Services de support technique et de consultation

L'infrastructure de soutien technique comprend 62 professionnels du soutien dédié avec un temps de réponse moyen de 2,7 heures.

• Budget de soutien technique annuel: 8,3 millions de dollars
• Évaluation de satisfaction du client: 94,2%
• Durée moyenne de la consultation: 3,5 heures

Qualité et fiabilité cohérentes du produit

Seaboard maintient un contrôle qualité rigoureux avec des mesures de cohérence des produits démontrant une fiabilité de 99,6% entre les gammes de produits.

Catégorie de produits	Cohérence de qualité	Cote de fiabilité
Exportations de céréales	99.8%	9.7/10
Produits protéiques	99.5%	9.5/10
Produits agricoles transformés	99.4%	9.6/10

Seaboard Corporation (SEB) - Modèle d'entreprise: canaux

Équipes de vente directes

Seaboard Corporation maintient une force de vente dédiée de 87 professionnels de la vente directe dans plusieurs segments d'entreprise à partir de 2023.

Région de vente	Nombre de représentants commerciaux	Couverture des ventes annuelle
Amérique du Nord	42	1,2 milliard de dollars
l'Amérique latine	23	687 millions de dollars
Marchés internationaux	22	534 millions de dollars

Plateformes de trading de produits de base en ligne

Seaboard Corporation utilise des plateformes de trading numérique avec les spécifications suivantes:

• 7 systèmes de trading en ligne intégrés
• Volume de transaction en temps réel: 3 245 métiers par mois
• Valeur de transaction de plate-forme numérique: 426 millions de dollars par an

Salons et conférences de l'industrie

Type d'événement	Participation annuelle	Business généré
Salons agricoles	12 événements	215 millions de dollars
Conférences de transformation des aliments	8 événements	167 millions de dollars

Réseaux de vente internationaux stratégiques

Couverture du réseau mondial:

• Opérationnel dans 17 pays
• Canaux de distribution de réseau: 42 partenaires stratégiques
• Revenus du réseau commercial international: 1,3 milliard de dollars

Systèmes de communication numérique et d'approvisionnement

L'infrastructure numérique de SeaBoard Corporation comprend:

• 3 plates-formes d'approvisionnement numériques propriétaires
• Volume annuel des transactions numériques: 24 567 transactions
• Valeur de la transaction du système numérique: 742 millions de dollars

Système numérique	Efficacité des transactions	Réduction des coûts
Plate-forme d'approvisionnement agricole	92% d'efficacité	Économies de 45 millions de dollars
Système d'approvisionnement de transformation des aliments	88% d'efficacité	Économies de 37 millions de dollars

Seaboard Corporation (SEB) - Modèle d'entreprise: segments de clientèle

Fabricants d'aliments internationaux

Seaboard Corporation dessert les fabricants d'aliments internationaux avec des segments de marché spécifiques:

Région	Volume d'achat annuel	Catégories de produits primaires
Amérique du Nord	342 millions de dollars	Farine, produits céréaliers
l'Amérique latine	218 millions de dollars	Blé, dérivés de maïs
Asie-Pacifique	156 millions de dollars	Mélanges de grains spécialisés

Commerçants de produits agricoles

Le segment de clientèle de négociation sur les matières premières de SeaBoard Corporation comprend:

• Sociétés mondiales de trading de matières premières
• Échanges agricoles régionaux
• Participants du marché à terme

Volume de trading	Valeur de transaction annuelle	Types de produits
3,2 millions de tonnes métriques	1,7 milliard de dollars	Maïs, blé, soja

Entreprises mondiales de transformation des aliments

Seaboard sert d'importantes entreprises mondiales de transformation des aliments avec de vastes réseaux de chaîne d'approvisionnement:

Type de client	Volume de l'offre annuelle	Catégories de produits
Grands transformateurs multinationaux	1,5 million de tonnes métriques	Farine, ingrédients protéiques
Transformateurs alimentaires régionaux	750 000 tonnes métriques	Produits céréaliers spécialisés

Acheteurs de l'industrie du bétail et des protéines

Segments de clientèle sur les marchés du bétail et des protéines:

• Processeurs de viande à grande échelle
• Distributeurs de protéines internationales
• Fabricants d'aliments d'élevage

Segment de marché	Valeur d'achat annuelle	Produits primaires
Entreprises de transformation de la viande	623 millions de dollars	Porc, suppléments de protéines
Producteurs de produits d'élevage	412 millions de dollars	Ingrédients d'alimentation à base de céréales

Entreprises internationales d'expédition et de logistique

Détails du segment du client d'expédition et de logistique:

Volume d'expédition	Revenus logistiques annuels	Itinéraires d'expédition primaires
2,8 millions de tonnes métriques	287 millions de dollars	Amérique du Nord, Amérique latine, Asie

Seaboard Corporation (SEB) - Modèle d'entreprise: Structure des coûts

Investissements agricoles sur terre et équipement

Au cours de l'exercice 2022, Seaboard Corporation a signalé des équipements agricoles et des investissements fonciers totalisant 187,3 millions de dollars. La société possédait environ 78 000 acres de terres agricoles dans plusieurs régions.

Catégorie d'actifs	Montant d'investissement (2022)
Terre agricole	112,5 millions de dollars
Équipement agricole	74,8 millions de dollars

Infrastructure de transport et de logistique

Les coûts de transport de SeaBoard Corporation pour 2022 étaient de 453,2 millions de dollars, notamment:

• Entretien du camionnage: 87,6 millions de dollars
• Frais d'expédition maritime: 215,4 millions de dollars
• Coûts de transport ferroviaire: 150,2 millions de dollars

Entretien des installations de traitement

Les dépenses de maintenance des installations de traitement en 2022 s'élevaient à 92,7 millions de dollars, avec des investissements importants dans:

Type d'installation	Dépenses d'entretien
Traitement des céréales	38,5 millions de dollars
Viande	54,2 millions de dollars

Frais de main-d'œuvre et opérationnels

Les dépenses totales de main-d'œuvre et d'exploitation pour 2022 étaient de 612,9 millions de dollars, ventilées comme suit:

• Coûts de main-d'œuvre directs: 287,6 millions de dollars
• Avantages sociaux: 124,3 millions de dollars
• Frais généraux administratifs: 201,0 millions de dollars

Technologie et développement des infrastructures numériques

L'investissement technologique pour 2022 a totalisé 45,6 millions de dollars, alloué entre:

Catégorie de technologie	Montant d'investissement
Infrastructure numérique	22,3 millions de dollars
Technologie agricole	15,7 millions de dollars
Cybersécurité	7,6 millions de dollars

Seaboard Corporation (SEB) - Modèle d'entreprise: Strots de revenus

Profits de négociation des matières premières

Seaboard Corporation a déclaré des revenus de négociation sur les matières premières de 208,4 millions de dollars en 2022, le commerce des céréales et des matières premières représentant une partie importante de ses activités commerciales.

Catégorie de trading de produits	Revenus (2022)
Trading des céréales	142,6 millions de dollars
Dérivés de marchandises	65,8 millions de dollars

Ventes de produits agricoles

Les ventes de produits agricoles ont généré 1,46 milliard de dollars de revenus pour Seaboard en 2022.

• Ventes de maïs: 612,3 millions de dollars
• Ventes de blé: 453,7 millions de dollars
• Ventes de soja: 394,5 millions de dollars

Services de transport marin

Marine Transportation Services a contribué à 187,2 millions de dollars de revenus pour l'exercice 2022.

Catégorie de service marin	Revenus (2022)
Expédition de fret	132,5 millions de dollars
Location de navires	54,7 millions de dollars

Traitement alimentaire et revenus des produits protéiques

Segment de transformation des aliments générés 2,13 milliards de dollars en revenus en 2022.

• Traitement du porc: 1,47 milliard de dollars
• Ventes de produits protéiques: 660,3 millions de dollars

Services internationaux sur la logistique et la chaîne d'approvisionnement

Les services logistiques et de la chaîne d'approvisionnement ont généré 345,6 millions de dollars de revenus pour 2022.

Catégorie de service logistique	Revenus (2022)
Fret international	214,3 millions de dollars
Gestion de la chaîne d'approvisionnement	131,3 millions de dollars

Seaboard Corporation (SEB) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Seaboard Corporation, which really boils down to its deep integration across essential, non-discretionary sectors. It's not just one thing; it's the combination of food, transport, and energy that provides stability.

Supply chain reliability through vertical integration from farm to market.

Seaboard Corporation's structure is designed to control quality and manage costs from the ground up. This integration spans hog production, processing, and distribution for its pork business, and its investment in Butterball covers turkey production through processing. The company employs approximately 14,000 people worldwide to maintain this integrated flow. The focus on quality is evident in the pork segment's brand volume growth in Prairie Fresh Natural, Prairie Fresh Signature, and Prairie Fresh USA Prime brands.

Diversified exposure across essential global goods: food, energy, and transportation.

The diversification across six reportable business segments-Turkey, Pork, CT&M (Commodity Trading & Milling), Liquid Fuels, Marine, and Power-is a key value driver. As of the trailing twelve months ending September 27, 2025, Seaboard Corporation reported revenue of $9.82 Billion USD. For the third quarter of 2025, net sales reached $2.54 Billion, marking a 14.5% year-over-year increase. This mix helps cushion against volatility in any single commodity market.

Here's a look at the scale of this diversification:

Segment Focus	Key Metric/Data Point (Latest Available)	Financial Impact/Scale
Food (Pork & Turkey)	Pork Segment Q3 2025 Operating Income	$58M
Food (Turkey - Butterball)	Q3 2025 Equity Income from Affiliate	$26M
Transportation (Marine)	Q3 2025 Cargo Volumes	Increased 4% year-over-year
Energy (Liquid Fuels)	Environmental Credits Sold	Generated per federal (RINs) and California (LCFS) biofuel initiatives
Power	Total Power Generation Capacity	258 megawatts (combined from two barges)

High-quality, premium pork products (Seaboard Foods) and turkey products (Butterball).

For pork, the value proposition centers on quality driving volume, even when overall category demand is soft. For the first quarter of 2025, Seaboard saw volume growth in its premium brands despite lower overall pork category demand in the prior year. The pork segment's operating income for Q3 2025 was $58 million, a significant improvement from $12 million year-over-year, driven by higher selling prices and lower feed costs of $33 million.

In the turkey business, Seaboard holds a non-controlling 52.5% investment in Butterball. The value here is tied to its status as a holiday staple; for Thanksgiving 2025, 84% of hosts planned to serve turkey. Butterball delivered an outsized contribution in Q3 2025, with equity income reaching $26 million, up from $6 million in Q3 2024, supported by 13% higher volumes and 4% higher prices.

Efficient, dedicated containerized shipping services for niche trade routes.

Seaboard Marine offers dedicated containerized shipping services connecting the United States with the Caribbean and Central and South America. The efficiency is being enhanced through fleet modernization. Two new dual-fueled vessels were delivered in 2024, and six more dual-fueled vessels are planned for completion in 2025, expected to be primarily LNG-fueled. This segment's Q3 2025 operating income improved to $18 million, compared to a loss of $1 million in Q3 2024, driven by higher freight rates and increased cargo volumes.

Stable power generation for the Dominican Republic's power grid.

Through its subsidiary Transcontinental Capital Corp. (Bermuda) Ltd., Seaboard provides stable electricity generation as an independent power producer to the Dominican Republic grid, selling power under contract to distribution companies and large commercial users. The operation relies on two floating barges. The Estrella del Mar II barge has a rated capacity of 108 megawatts. The newer Estrella del Mar III barge, which began operations in June 2022, has a capacity of 150 megawatts and runs only on natural gas.

Seaboard Corporation (SEB) - Canvas Business Model: Customer Relationships

Seaboard Corporation emphasizes a customer-centric approach across its diverse operations, tailoring the relationship type to the specific business segment.

Long-term, direct contractual relationships with large food processors and distributors are key in the Pork segment. Seaboard Foods sells its products to further processors, food service operators, grocery stores, and distributors. The company maintains control through its connected food system to ensure consistent product quality for these partners. For instance, in 2024, Seaboard Corporation did not have sales to any one customer equal to 10% or more of its consolidated revenues.

The Power segment relies on regulatory and long-term arrangements. Seaboard's Power segment generates electricity for the Dominican Republic power grid, selling power primarily to wholly government-owned distribution companies.

For high-volume commodity trading clients, Seaboard Overseas and Trading Group (SOTG) manages relationships for its substantial throughput. The CT&M segment sources, transports, and markets approximately 14 million metric tons per year of commodities such as wheat, corn, and soybeans.

Responsive, personalized service underpins Seaboard Corporation's commitment to its large and diverse customer base, supported by approximately 14,000 employees worldwide. In the Pork segment, Seaboard Foods focuses on delivering premium products under brands like Prairie Fresh Natural, Prairie Fresh Signature, and Prairie Fresh USA Prime, aiming for quality and value to drive sales.

Transactional relationships characterize a portion of the commodity sales. The highly commodity-driven nature of operations means that market prices heavily influence financial performance. For example, China historically accounted for 3% of the Pork segment's total sales for the year ended December 31, 2024.

You can see a snapshot of the customer-facing financial metrics and volumes below:

Metric/Segment	Value/Amount	Reporting Period/Context
Consolidated Net Sales	$9.1 billion	Year Ended December 31, 2024
Pork Segment Net Sales	$486 million	Q1 2025 (Three months ended March 29, 2025)
CT&M Annual Commodity Volume	14 million metric tons	Per Year
Largest Turkey Customer Concentration	30%	Of total Turkey segment sales in 2024
Largest Single Customer Concentration (Consolidated)	Less than 10%	Of consolidated revenues
International Pork Sales Concentration (China)	3%	Of Pork segment sales in 2024

Seaboard Corporation's commitment to its partners is reflected in its operational focus:

• Control: Managing every step from farm to processing for consistent quality.
• Dependability: Being a dependable partner for buyers needing consistent meat supply.
• Expansion: Focusing on expanding bacon products into new retail partners.
• Government Sales: Power sales are directed to wholly government-owned entities in the Dominican Republic.

The company's operational scale requires managing relationships across many jurisdictions, as Seaboard operates in over 45 countries.

Finance: review Q2 2025 segment sales against Q1 2025 to assess customer demand trends by end of August.

Seaboard Corporation (SEB) - Canvas Business Model: Channels

You're looking at how Seaboard Corporation moves its value to the customer base across its diverse operations as of late 2025. It's a mix of direct sales, proprietary logistics, and established retail shelf space.

Direct sales force to food service operators, grocery stores, and distributors.

This channel is central to the Pork and Turkey segments. For pork products, Seaboard Corporation uses its own sales force to reach various buyers. The Turkey segment, operating through its majority-owned Butterball subsidiary, relies heavily on grocery retailers. As of the 2025 Thanksgiving Outlook, 84% of hosts planned to serve turkey, with turkey remaining the favorite part of the meal for 47% of consumers. For the Turkey segment, two retail customers accounted for approximately 30% of total 2024 sales. Seaboard Corporation does not have any single customer representing 10% or more of its consolidated revenues.

Seaboard Marine's owned and leased containerized shipping services.

Seaboard Marine is the dedicated channel for moving cargo between the U.S., the Caribbean Basin, and Central and South America. The fleet consists of approximately 25 vessels. This fleet supports over 60,000 dry, refrigerated, specialized containers and related equipment. The segment is actively expanding its owned/leased assets; two new dual-fueled vessels were delivered in 2024, and six more are under construction, planned for completion in 2025. The segment's channel infrastructure includes major terminals:

Location	Terminal Size/Space	Key Function
PortMiami	87-acre facility / over 200,000 sq ft warehouse space	Cargo consolidation and storage
Port of Houston	77-acre facility / over 648,000 sq ft on-dock warehouse space	Storage for bagged grains, resins, and other cargoes

Seaboard Marine launched a new direct service from Colombia to the U.S. Northeast on June 13, 2025, and began operating its North Central America service from the Port of Philadelphia on June 29, 2025.

Global commodity trading desks and logistics networks for CT&M segment.

The Commodity Trading and Milling (CT&M) segment uses its global network to source, transport, and market commodities. This segment, managed under the Seaboard Overseas and Trading Group, includes facilities in 26 or 27 countries, mainly in Africa and South America. The trading business primarily uses chartered vessels or vessels owned by the segment. The scale of this operation involves sourcing, transporting, and marketing approximately 14 million metric tons per year of commodities like wheat, corn, and soybeans. The segment's net sales contributed to the overall company net sales of $2.316 billion in Q1 2025 and $2.48 billion in Q2 2025.

Retail distribution channels via the Butterball brand for turkey products.

The Turkey segment's products reach consumers through grocery retailers. The 2025 Butterball Togetherness Report shows that 85% of hosts plan to serve turkey for Thanksgiving. Retailers like Walmart and Target offer competitive meal deals, such as a $47 turkey and sides bundle. The channel strategy focuses on leveraging these social meal occasions, which account for an estimated one-third of food and beverage spend, a market valued around $281 billion.

Direct connection to the Dominican Republic's national power grid.

Seaboard Corporation's Power segment, through Transcontinental Capital Corp. (Bermuda) Ltd., sells generated electricity directly into the Dominican Republic power grid. This is done via two power-generating barges, selling under contract to distribution companies, larger commercial users, and on the spot market. The capacity delivered through this channel includes:

• Estrella del Mar II: Rated capacity of 108 megawatts.
• Estrella del Mar III: Capacity of 150 megawatts.

The segment is expanding its presence, with a second barge, Estrella del Mar IV, awarded a contract for delivery in 2028. The Power segment represented 2% of Seaboard Corporation's total employees as of December 31, 2024.

Finance: draft 2026 capital allocation plan focusing on Marine segment vessel upgrades by Friday.

Seaboard Corporation (SEB) - Canvas Business Model: Customer Segments

You're looking at the customer base for Seaboard Corporation (SEB) as of late 2025. This is a complex, globally integrated set of buyers across distinct business lines. Honestly, the diversity is what makes tracking revenue sources tricky, but we have some solid numbers from the latest reports.

For context, Seaboard Corporation was ranked #406 on the 2025 Fortune 500 list, with a Trailing Twelve Months (TTM) revenue of $9.82 Billion USD as of the quarter ending September 27, 2025. They employ approximately 14,000 people worldwide. Remember, Seaboard Corporation does not have sales to any one customer equal to 10% or more of its consolidated revenues.

Large food processors and further processors (Pork and Turkey segments).

The Pork segment, which is Seaboard Foods, serves a direct B2B market with fresh and frozen pork products. These customers include entities that take the raw product and turn it into the final item you see on the shelf or in a restaurant.

The Turkey segment, largely through its investment in Butterball LLC, also targets food service operators and retail channels. For context on concentration, the two largest retail customers in the Turkey segment accounted for approximately 30% of that segment's total sales for the full year 2024.

Here's a quick look at the primary customer types for the protein businesses:

Segment	Primary Customer Types	Key Markets Mentioned
Pork	Further processors, food service operators, grocery stores, distributors, retail outlets	United States, Japan, Mexico, China (represented 3% of 2024 segment sales)
Turkey (Butterball)	Retail outlets, food service operators	United States

Food service operators and major grocery store chains globally.

This group is a core buyer for the finished and processed goods from the Pork segment. These customers require consistent supply and quality, which Seaboard Corporation aims to deliver through its integrated system. The Q2 2025 net sales for the company were nearly $2.5 billion, showing the scale of these transactions.

The customer base for Seaboard Foods includes:

• Distributors in the United States.
• Food service operators across its network.
• Grocery stores and retail outlets domestically.
• International distributors in markets like Japan and Mexico.

International governments and large industrial buyers of commodities (CT&M).

The Commodity Trading and Milling (CT&M) segment, managed as Seaboard Overseas and Trading Group, deals with massive volumes of agricultural goods. This segment sources and markets approximately 14 million metric tons per year of commodities like wheat, corn, and soybeans.

Customers here are generally large industrial users or entities that manage significant bulk commodity flow. The segment operates milling facilities in 10 countries and has trading offices in 9 countries, indicating a broad international customer base.

The CT&M segment's sales and profits are heavily influenced by fluctuating prices of these bulk commodities.

Power distributors and public users in the Dominican Republic.

Through Transcontinental Capital Corporation, Seaboard is an independent power producer in the Dominican Republic. This operation is critical for grid stability, as its thermal plants provide support when renewable sources fluctuate.

The Power segment sells electricity primarily to wholly government-owned distribution companies. However, they also serve public and private users directly. This segment is key to Seaboard's diversification, though it represents a smaller portion of overall company revenue compared to Pork.

Domestic and international buyers of biodiesel and renewable diesel.

Seaboard Energy produces renewable diesel and biodiesel, utilizing inputs like pork fat from Seaboard Foods. The renewable diesel facility in Kansas has an annual capacity of 85 million gallons per year.

The customer base for these sustainable fuels is segmented by end-use market:

• Transportation markets.
• Industrial markets.
• Agricultural markets.

Additionally, Seaboard Energy generates environmental credits from its production, which are sold to third parties. The company also owns a terminal in California to store and distribute fuel, supporting its domestic customer logistics.

Finance: draft 13-week cash view by Friday.

Seaboard Corporation (SEB) - Canvas Business Model: Cost Structure

You're looking at the core expenses Seaboard Corporation (SEB) faces to keep its diverse operations running, and honestly, it's a mix of fixed assets and volatile inputs. The cost structure is heavily influenced by global markets, which means managing input prices is a constant battle.

High variable costs are definitely tied to commodity prices across the agribusiness side. For instance, in the Pork segment during the third quarter of 2025, management noted that lower feed costs provided a significant tailwind, representing a $33 million reduction in expenses for that period alone. This shows you how sensitive the cost of goods sold is to the price of feed, wheat, corn, and soybeans.

The transportation and energy arms carry substantial operational burdens, especially fuel. The Liquid Fuels segment, for example, faced headwinds from rising feedstock costs in the first three quarters of 2025, leading management to remain uncertain about its profitability for the rest of the year, guiding it to be near break-even. Overall operating costs for the entire company in the third quarter of 2025 reached $2,342 million, marking a 12.54% year-on-year increase.

Capital expenditures are a major, planned outlay, particularly for modernizing the Marine fleet. As of the third quarter of 2025, management disclosed that the projected capital expenditures remaining for the rest of 2025 totaled approximately $451 million, which includes installments for those new dual-fueled vessels they've been taking delivery of.

Here's a quick look at how that remaining 2025 CapEx budget was being allocated, based on earlier guidance:

Segment	Planned 2025 Capital Expenditure (Initial Budget)
Marine Segment (Vessels)	Approximately $290 million
Pork Segment (Projects/Maintenance)	Approximately $215 million
Total Initial Budgeted CapEx (2025)	Approximately $630 million

Processing and labor costs are embedded within the food production segments, like Pork and Turkey. The Turkey segment (Butterball) saw better equity income in Q3 2025 partly due to lower costs per pound of 4%, showing efficiency gains are a key cost lever there. Labor is a significant component of the overall operating costs, though not broken out separately in the latest releases.

Finally, you can't ignore the non-operational costs like legal exposure. The Pork segment incurred higher legal costs in the first quarter of 2025, contributing to an operating loss that quarter. Furthermore, the company is definitely watching the calendar, as the window for the Helms-Burton trial begins in February 2026, which represents a potential future legal claim expense that needs to be factored into risk planning.

You should check the Q4 2025 10-K when it drops in February 2026 for the final 2025 CapEx actuals. Finance: draft 13-week cash view by Friday.

Seaboard Corporation (SEB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Seaboard Corporation brings in cash, which is really about how its diverse segments translate into dollars on the top line. Honestly, the mix of agribusiness and transportation is what keeps the revenue stream interesting, especially when one area dips, another can pick up the slack.

The total net sales for Seaboard Corporation in the third quarter of 2025 hit $2.54 Billion. This top-line figure is the sum of the revenues generated across its main operating divisions.

Here's a breakdown of the key revenue streams based on the Q3 2025 reporting, using the figures you provided and deriving the Pork segment revenue from the total:

Revenue Stream	Q3 2025 Net Sales Amount
Commodity Sales and Milling Products (CT&M)	$1.225 Billion
Sales of fresh and frozen pork products (Pork segment)	$859 Million
Freight revenue from cargo shipping services (Marine)	$403 Million
Electricity sales to the power grid (Power)	$53 Million

The Pork segment revenue of $859 Million is derived by taking the total Q3 2025 net sales of $2,540 Million and subtracting the provided figures for CT&M ($1,225 Million), Marine ($403 Million), and Power ($53 Million). This calculation shows the Pork segment contributed $1,681 Million when combined with the other three specified segments, meaning the Pork segment accounted for the remaining $859 Million of the total $2.54 Billion revenue.

The Commodity Trading & Milling (CT&M) segment was the largest contributor to net sales in the quarter, reaching $1.225 Billion. [cite: Provided in prompt] This reflects higher volumes of commodities sold, even with some commodity price headwinds.

The Marine segment, which handles cargo shipping services, brought in $403 Million in net sales. [cite: Provided in prompt] This segment saw its results boosted by higher freight rates and a 4% year-over-year increase in cargo volumes.

The Power segment, from electricity sales to the power grid, added $53 Million to the revenue base. [cite: Provided in prompt]

The revenue streams also include:

• Sales of fresh and frozen pork products (Pork segment).
• Sales of biofuels and related environmental credits (Liquid Fuels).

For the Liquid Fuels segment, management expressed uncertainty regarding segment profitability for the remainder of 2025, noting that the new production tax credit yields materially less income than the prior blender's credit, alongside rising feedstock costs. No specific revenue figure for this stream was provided in the Q3 2025 segment breakdown.

The Pork segment itself is vertically integrated, covering hog production, slaughter, processing, and the sale of fresh and further-processed pork products. Operating income in this segment saw a significant increase of $46 million in Q3 2025, driven by higher selling prices and lower feed costs of $33 million.

Finance: draft 13-week cash view by Friday.