Wilmar International (F34) AI Stock Analysis

• Market Cap: S$23.16B
• Dividend Yield: 4.55%
• Average Volume (3M): 7.04M
• Price to Earnings (P/E): 10.4
• Beta (1Y): 0.38
• Revenue Growth: 3.92%
• EPS Growth: -25.13%
• Country: SG
• Employees: 100,000
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): 0.09
• Shares Outstanding: 6,403,401,000
• 10 Day Avg. Volume: 7,501,160
• 30 Day Avg. Volume: 7,039,910
• PEG Ratio: 0.50
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 0.21
• P/FCF Ratio: 11.27
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$3.50
• Price Target Upside: -5.56% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.24
• Revenue Forecast (FY): S$74.89B

• Rating: 65 Neutral
• Price Target: S$4.00 ▲(7.82% Upside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is primarily held back by financial resilience factors—thin margins, elevated leverage, and volatile cash flow—despite stable profitability. Technicals are supportive with a clear uptrend and balanced momentum, and valuation is helped by a moderate P/E and ~4% dividend yield.

Positive Factors

Vertically integrated model

Wilmar's vertical integration across sourcing, processing and distribution creates durable control over input costs, logistics and product mix. That structural integration supports margin capture, operational resilience in volatile commodity cycles and strategic flexibility to shift volumes across bulk and branded channels.

Diversified revenue streams

Revenue exposure across edible oils, palm derivatives, sugar and branded consumer foods reduces reliance on any single commodity or market. This diversification smooths cyclicality, lets the company reallocate capital and merchandising effort, and preserves core cash generation through different demand and margin environments over the medium term.

Consistent profitability and stable revenue base

Despite sector pressures, Wilmar has maintained positive profitability and a broadly stable revenue base, indicating resilient demand for its products and effective core operations. Persistent profitability supports ongoing investment, working-capital management and the ability to service obligations even if margins remain constrained.

Negative Factors

Elevated leverage

Sustained debt-to-equity around 1.4–1.5x reduces financial flexibility in a working-capital intensive agribusiness. High leverage increases refinancing and interest-rate risk, limits capacity to fund large capex or acquisitions without adding debt, and heightens vulnerability if commodity margins or volumes deteriorate.

Structurally thin margins

Net and operating margins compressed to low single digits, leaving a small earnings buffer against input-cost inflation or lower selling prices. Thin margins constrain retained earnings for reinvestment, weaken return on equity during downturns, and make earnings highly sensitive to commodity and cost swings.

Volatile cash generation

Intermittent operating cash flow and a history of negative free cash flow years indicate working-capital and investment swings. This volatility undermines the company's ability to consistently deleverage, fund dividends or absorb shocks without external financing, especially given the company’s elevated debt levels.

Wilmar International Business Overview & Revenue Model

Company Description

Wilmar International Limited operates as an agribusiness company in Singapore, South East Asia, the People's Republic of China, India, Europe, Australia/New Zealand, Africa, and internationally. The company operates through four segments: Food Products, Feed and Industrial Products, Plantation and Sugar Milling, and Others. The Food Products segment engages in processing, branding, and distribution of a range of edible food products, including vegetable oil produced from palm and oilseeds, sugar, flour, rice, noodles, specialty fats, snacks, bakery, and dairy products. The Feed and Industrial Products segment is involved in the processing, merchandising, and distribution of products, such as animal feeds, non-edible palm and lauric products, agricultural commodities, oleochemicals, gas oil, and biodiesel. The Plantation and Sugar Milling segment engages in the cultivation and milling of palm oil and sugarcane. The Others segment provides logistics and jetty port services. As of December 31, 2021, Wilmar International Limited owned an oil palm plantation covering an area 230,480 hectares in Indonesia, Malaysia, and Africa. The company was formerly known as Ezyhealth Asia Pacific Ltd and changed its name to Wilmar International Limited in July 2006. Wilmar International Limited was founded in 1991 and is headquartered in Singapore.

How the Company Makes Money

Wilmar makes money primarily by processing agricultural commodities into higher-value food and feed ingredients and selling both bulk and branded products through a vertically integrated model. Key revenue streams include: 1) Edible oils & fats / oilseeds crushing and refining: Wilmar purchases and/or produces oil crops (e.g., palm fruit and oilseeds) and earns revenue by crushing oilseeds, refining crude oils, fractionating and processing them into products such as cooking oils, specialty fats, margarine/shortening, and other ingredients sold to food manufacturers, foodservice customers, and industrial users. This segment also includes merchandising/trading activities where the company earns margins from sourcing, logistics, risk management, and distribution of commodities and processed products. 2) Palm and laurics-related operations: Where applicable in its value chain, Wilmar generates revenue from upstream and downstream palm-related activities, including the sale of crude palm oil/palm kernel products and downstream processed palm-based products. Earnings are influenced by processing margins, product mix, and commodity price movements. 3) Sugar: Wilmar earns revenue from sugar merchandising and from sugar processing/refining where it operates those assets. It sells sugar and sugar-related products to industrial customers and consumer/retail channels, with profitability driven by refining/processing margins, merchandising margins, and the scale and efficiency of its logistics and distribution. 4) Consumer Products (branded/packaged foods): Wilmar sells branded edible oils, rice, flour, noodles, sauces, and other packaged foods in various markets. This business typically generates revenue through product sales to retailers, wholesalers, and direct distribution channels, with margins supported by brand strength, distribution reach, and manufacturing scale. 5) By-products and downstream derivatives: Across its processing activities, Wilmar also monetizes by-products (e.g., oilseed meals for animal feed and other processing residues) and may sell downstream derivatives produced from its processing streams. Specific derivative categories beyond edible oils and sugar are not available in this response and are therefore null. Significant factors contributing to earnings include its integrated supply chain (from sourcing/processing to distribution), global merchandising and logistics capabilities, and the ability to balance exposure across upstream production, processing, and consumer markets. Information on specific named partnerships/joint ventures contributing to earnings is not provided here and is therefore null.

Wilmar International Financial Statement Overview

Summary

Stable revenue base and consistent profitability, but margins are thin and have softened versus 2020–2022. Balance sheet leverage is elevated (~1.4–1.5x debt/equity) and cash generation is uneven with a history of negative free cash flow years, despite a rebound in 2025.

Income Statement

Revenue has been broadly stable with modest growth in 2025 after a flat 2024 and a decline in 2023. Profitability is positive but thin and somewhat volatile: net margin is low (about 2% in 2025) and has compressed materially from 2022 levels, with operating margins also trending lower versus the 2020–2022 period. The key strength is consistent profitability through the cycle; the key weakness is limited pricing power/structurally low margins typical of the sector, leaving earnings sensitive to costs and commodity swings.

Balance Sheet

Leverage is elevated and persistent, with debt running at roughly 1.4–1.5x equity across recent years, which reduces balance-sheet flexibility in a cyclical, working-capital-intensive business. Equity has grown over time, and returns on equity remain positive but have cooled meaningfully from the 2022 peak to mid-single-digits in 2024–2025. Overall, the balance sheet looks serviceable but carries above-average leverage risk if margins or volumes weaken.

Cash Flow

Cash generation is inconsistent. Operating cash flow improved in 2025 versus 2024, and free cash flow rebounded strongly to positive in 2025 after being negative in 2024 and 2022. However, operating cash flow remains small relative to the debt load (low coverage), and the history of negative free cash flow years suggests working-capital and investment swings can pressure liquidity. The main strength is the 2025 recovery; the main weakness is volatility and limited cash flow cushion versus leverage.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	69.34B	71.51B	67.38B	67.16B	73.40B	65.79B
Gross Profit	5.37B	5.89B	5.21B	5.27B	6.55B	7.21B
EBITDA	3.51B	3.82B	4.25B	4.43B	5.16B	4.51B
Net Income	1.19B	1.43B	1.17B	1.52B	2.40B	1.89B
Balance Sheet
Total Assets	60.72B	65.61B	59.57B	61.81B	60.40B	58.72B
Cash, Cash Equivalents and Short-Term Investments	12.92B	7.65B	10.46B	10.51B	8.34B	7.90B
Total Debt	29.11B	30.78B	28.61B	30.94B	30.66B	29.38B
Total Liabilities	37.41B	40.56B	37.18B	39.06B	37.80B	36.12B
Stockholders Equity	20.67B	21.85B	19.86B	20.17B	19.99B	19.92B
Cash Flow
Free Cash Flow	122.11M	1.33B	-200.12M	1.60B	-435.37M	-2.57B
Operating Cash Flow	1.38B	2.42B	1.37B	3.89B	2.05B	-45.04M
Investing Cash Flow	-4.38B	-4.10B	-918.24M	-2.46B	-2.46B	-2.36B
Financing Cash Flow	2.49B	-531.53M	-1.79B	113.23M	667.23M	2.41B

Wilmar International Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.71
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F34, the sentiment is Positive. The current price of 3.71 is above the 20-day moving average (MA) of 3.65, above the 50-day MA of 3.48, and above the 200-day MA of 3.12, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 55.44 is Neutral, neither overbought nor oversold. The STOCH value of 57.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:F34.

Wilmar International Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
P8Z	72 Outperform	S$2.71B	―	18.91%	6.82%	15.89%	21.52%
EB5	71 Outperform	S$4.26B	―	20.19%	5.19%	24.70%	62.15%
5JS	70 Outperform	S$523.46M	5.12	8.01%	2.67%	13.03%	35.10%
F34	65 Neutral	S$23.16B	10.43	5.71%	4.55%	3.92%	-25.13%
E5H	63 Neutral	S$3.81B	7.02	8.32%	2.87%	16.86%	252.80%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
VC2	48 Neutral	S$3.20B	8.14	6.66%	5.26%	-11.89%	50.41%

Wilmar International Corporate Events

Wilmar Executive in Indonesia Jailed for Bribing Judges in Palm Oil Case

Wilmar International disclosed that the Central Jakarta District Court has sentenced Muhammad Syafei, Head of Social Security Legal at its Indonesian unit, to six years in prison and a fine of IDR 300 million for bribing judges who had previously acquitted Wilmar subsidiaries and other palm oil firms over export permit charges. The court rejected prosecutors’ bid for a 15-year term and an additional money laundering conviction, underscoring ongoing legal and governance scrutiny of Wilmar’s Indonesian operations and the broader palm oil industry.

The comparatively lighter sentence and dismissal of the money laundering charge ease some immediate legal exposure for the company, but the bribery conviction highlights reputational and compliance risks in a key operating market. Investors and other stakeholders are likely to watch how Wilmar strengthens its internal controls and legal oversight in Indonesia, as regulatory enforcement in the palm oil sector remains intense.

The most recent analyst rating on (SG:F34) stock is a Buy with a S$4.00 price target. To see the full list of analyst forecasts on Wilmar International stock, see the SG:F34 Stock Forecast page.

Wilmar’s China Unit Yihai Kerry Arawana Posts Strong 2025 Profit Rebound

Wilmar’s China arm Yihai Kerry Arawana reported stronger results for 2025, with revenue rising 2.9% to RMB245.1 billion and operating profit jumping 44.4% to RMB5.24 billion, underscoring improved margins in a challenging market. Profit attributable to shareholders increased 26.0% to RMB3.15 billion, while core profit excluding non-recurring items nearly tripled, pointing to a substantial recovery in underlying operations and potentially bolstering Wilmar’s overall earnings profile.

Basic earnings per share climbed 26.1% to RMB0.58 and weighted average return on equity improved to 3.32%, reflecting better capital efficiency at YKA. The robust improvement in recurring profitability suggests YKA is strengthening its competitive position in China’s edible oils and food ingredients sector, which may provide greater earnings stability and enhance value for Wilmar’s investors as the subsidiary continues to mature as a listed entity.

The most recent analyst rating on (SG:F34) stock is a Hold with a S$3.50 price target. To see the full list of analyst forecasts on Wilmar International stock, see the SG:F34 Stock Forecast page.