Wilmar International (F34) AI Stock Analysis

• Market Cap: $22.10B
• Dividend Yield: 4.55%
• Average Volume (3M): 7.04M
• Price to Earnings (P/E): 11.9
• Beta (1Y): 0.41
• 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: 1.96
• Enterprise Value/Revenue: 0.63
• Enterprise Value/Gross Profit: 8.06
• Enterprise Value/Ebitda: 12.33
• 1Y Price Target: $3.28
• Price Target Upside: -7.48% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.23
• Revenue Forecast (FY): $72.01B

• Rating: 65 Neutral
• Price Target: S$4.00 ▲(12.99% 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

Child Protection Leadership

Wilmar's commitment to child protection enhances its corporate reputation and strengthens stakeholder trust, supporting long-term sustainability.

Subsidiary Performance

Strong subsidiary performance boosts Wilmar's overall profitability and market position, indicating effective operational strategies.

Supply Chain Efficiency

Efficient supply chain management ensures steady raw material flow and cost control, supporting long-term profitability and competitiveness.

Negative Factors

Legal Challenges

Ongoing legal issues could lead to financial and reputational risks, potentially impacting operations and stakeholder confidence.

Margin Pressures

Margin pressures suggest inefficiencies or rising costs, which could hinder profitability and require strategic adjustments to maintain competitiveness.

High Leverage

High leverage increases financial risk and limits flexibility, necessitating careful debt management to avoid potential financial strain.

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 International generates revenue through multiple streams primarily focused on agribusiness. Its key revenue sources include the processing of oilseeds and grains, which involves crushing soybeans and oil palm to produce cooking oils and other food products. The company also benefits from its extensive consumer products division, which sells branded food items directly to consumers. Additionally, Wilmar's sugar segment contributes significantly to its income through the production and trading of sugar. The company has established strong partnerships with farmers and suppliers, enhancing its supply chain efficiency and ensuring a steady flow of raw materials. Furthermore, Wilmar's strategic investments in logistics and transportation help optimize its distribution channels, contributing to its profitability.

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: 3.54
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 3.54 is above the 20-day moving average (MA) of 3.50, above the 50-day MA of 3.30, and above the 200-day MA of 3.07, indicating a bullish trend. The MACD of 0.07 indicates Positive momentum. The RSI at 59.07 is Neutral, neither overbought nor oversold. The STOCH value of 35.61 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
EB5	75 Outperform	S$3.65B	7.94	21.70%	5.19%	24.70%	62.15%
P8Z	72 Outperform	S$2.27B	10.29	20.72%	6.82%	15.89%	21.52%
5JS	68 Neutral	S$509.51M	5.19	8.46%	2.67%	13.03%	35.10%
F34	65 Neutral	$22.10B	11.92	5.86%	4.55%	3.92%	-25.13%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
E5H	62 Neutral	S$3.62B	7.00	8.32%	2.87%	16.86%	252.80%
VC2	48 Neutral	S$3.31B	7.76	3.56%	5.26%	-11.89%	50.41%

Wilmar International Corporate Events

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.

Wilmar International Announces Changes to Board Committees

Wilmar International Limited has announced changes to its Risk Management and Board Sustainability Committees, effective December 1, 2025. Mr. Kuok Khoon Hong will step down from both committees, with Mr. George Yong-Boon Yeo joining the Risk Management Committee and Mr. Soh Gim Teik joining the Board Sustainability Committee. These changes are in line with the company’s commitment to enhancing corporate governance by ensuring independent oversight of risk-related matters.

The most recent analyst rating on (SG:F34) stock is a Buy 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.