J&J Snack Foods Corp.

JJSF

Consumer DefensivePackaged FoodsNASDAQ

$76.17

Market Cap: $1.45B

J&J Snack Foods Corp. (JJSF) Valuation Summary

Updated May 11, 2026 03:06

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$32.36 – $164.25	$52.21	-31.5%
Growth Exit 10Y	$44.10 – $232.48	$72.49	-4.8%
EBITDA Exit 5Y	$46.64 – $123.25	$81.64	+7.2%
EBITDA Exit 10Y	$50.67 – $140.67	$88.62	+16.4%
▸ Trading Multiples
P/E	$50.19 – $97.34	$75.00	-1.5%
EV/EBITDA	$62.59 – $115.38	$71.20	-6.5%
EV/Revenue	$38.06 – $201.00	$73.52	-3.5%
▸ PEG
PEG Fair Value	$95.67 – $95.67	$95.67	+25.6%
▸ Earnings Power Value
Earnings Power Value	$31.79 – $51.53	$39.48	-48.2%
▸ Dividend Discount
Dividend Discount	$41.04 – $113.21	$61.76	-18.9%

Valuation History

DCF Analysis

Fair Value

$52.21

Market Price

$76.17

Upside / Downside

-31.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project J&J Snack Foods Corp.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -2.4% to 8.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 48, DPO 34, DIO 58). At a 6.8% WACC with mid-year discounting, the terminal value (75% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $52.21 per share, suggesting JJSF is overvalued by 31.5% at the current price of $76.17.

FCFF Present Value Calculation

WACC

6.78%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	96	97	98	106	115	118
(−) Net Interest	2	2	2	2	2	2
(+) D&A	80	87	87	83	87	90
EBITDA	178	186	186	191	205	210

(−) Tax	24	25	25	27	29	30
(−) CapEx	85	87	87	95	103	105
(−) ΔWC	-1	4	1	24	26	26
Free Cash Flow (FCFF)	70	70	73	46	47	48

Terminal Value						1,130
WACC / Discount Rate	6.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	67	64	62	37	35	814

Enterprise Value	1,078
Projection Period	264	24.5%
Terminal Value	814	75.5%

(−) Current Net Debt	58

Equity Value	1,021
(/) Outstanding Shares	20

Fair Price	$52.21

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.8%	$71	$82	$97	$121	$164
5.8%	$54	$60	$68	$78	$93
6.8%	$44	$48	$52	$58	$65
7.8%	$37	$40	$43	$46	$50
8.8%	$32	$34	$36	$38	$41

Current price: $76.17. Green = undervalued, Red = overvalued.

Fair Value

$72.49

Market Price

$76.17

Upside / Downside

-4.8%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project J&J Snack Foods Corp.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -2.4% to 3.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 48, DPO 34, DIO 58). At a 6.8% WACC with mid-year discounting, the terminal value (69% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $72.49 per share, suggesting JJSF is fairly valued by 4.8% at the current price of $76.17.

FCFF Present Value Calculation

WACC

6.78%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	96	97	98	106	115	124	132	140	146	152	156
(−) Net Interest	2	2	2	2	2	2	3	3	3	3	3
(+) D&A	80	87	87	83	87	91	96	103	110	117	120
EBITDA	178	186	186	191	205	217	231	245	259	272	279

(−) Tax	24	25	25	27	29	31	33	35	37	38	39
(−) CapEx	85	87	87	95	103	110	118	124	130	135	139
(−) ΔWC	-1	4	1	24	26	25	24	22	19	16	17
Free Cash Flow (FCFF)	70	70	73	46	47	51	56	63	72	82	84

Terminal Value											1,955
WACC / Discount Rate	6.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	67	64	62	37	35	35	37	39	41	44	1,014

Enterprise Value	1,475
Projection Period	460	31.2%
Terminal Value	1,014	68.8%

(−) Current Net Debt	58

Equity Value	1,417
(/) Outstanding Shares	20

Fair Price	$72.49

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.8%	$105	$119	$140	$174	$232
5.8%	$79	$86	$96	$109	$129
6.8%	$63	$67	$72	$79	$88
7.8%	$52	$55	$58	$62	$67
8.8%	$44	$46	$48	$51	$54

Current price: $76.17. Green = undervalued, Red = overvalued.

Fair Value

$81.63

Market Price

$76.17

Upside / Downside

+7.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project J&J Snack Foods Corp.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -2.4% to 8.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 48, DPO 34, DIO 58). At a 6.8% WACC with mid-year discounting, the terminal value (84% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.2x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $81.64 per share, suggesting JJSF is fairly valued by 7.2% at the current price of $76.17.

FCFF Present Value Calculation

WACC

6.78%

3% – 20%

EV/EBITDA Exit Multiple

9.19x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	96	97	98	106	115	118
(−) Net Interest	2	2	2	2	2	2
(+) D&A	80	87	87	83	87	90
EBITDA	178	186	186	191	205	210

(−) Tax	24	25	25	27	29	—
(−) CapEx	85	87	87	95	103	—
(−) ΔWC	-1	4	1	24	26	—
Free Cash Flow (FCF)	70	70	73	46	47	—

Peers' EBITDA Multiple						9.2x
Terminal Value						1,928
WACC / Discount Rate	6.78%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	67	64	62	37	35	1,389

Enterprise Value	1,653
Projection Period	264	16.0%
Terminal Value	1,389	84.0%

(−) Current Net Debt	58
Equity Value	1,596
(÷) Outstanding Shares	20M
Fair Price	$82	+7.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.2x	7.2x	9.2x	11.2x	13.2x
4.8%	$55	$72	$89	$106	$123
5.8%	$53	$69	$85	$102	$118
6.8%	$51	$66	$82	$97	$113
7.8%	$49	$63	$78	$93	$108
8.8%	$47	$61	$75	$89	$103

Current price: $76.17. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$88.61

Market Price

$76.17

Upside / Downside

+16.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project J&J Snack Foods Corp.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -2.4% to 3.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 48, DPO 34, DIO 58). At a 6.8% WACC with mid-year discounting, the terminal value (74% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.2x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $88.62 per share, suggesting JJSF is undervalued by 16.4% at the current price of $76.17.

FCFF Present Value Calculation

WACC

6.78%

3% – 20%

EV/EBITDA Exit Multiple

9.19x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	96	97	98	106	115	124	132	140	146	152	156
(−) Net Interest	2	2	2	2	2	2	3	3	3	3	3
(+) D&A	80	87	87	83	87	91	96	103	110	117	120
EBITDA	178	186	186	191	205	217	231	245	259	272	279

(−) Tax	24	25	25	27	29	31	33	35	37	38	—
(−) CapEx	85	87	87	95	103	110	118	124	130	135	—
(−) ΔWC	-1	4	1	24	26	25	24	22	19	16	—
Free Cash Flow (FCF)	70	70	73	46	47	51	56	63	72	82	—

Peers' EBITDA Multiple											9.2x
Terminal Value											2,562
WACC / Discount Rate	6.78%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	67	64	62	37	35	35	37	39	41	44	1,329

Enterprise Value	1,790
Projection Period	460	25.7%
Terminal Value	1,329	74.3%

(−) Current Net Debt	58
Equity Value	1,732
(÷) Outstanding Shares	20M
Fair Price	$89	+16.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.2x	7.2x	9.2x	11.2x	13.2x
4.8%	$69	$87	$105	$123	$141
5.8%	$64	$80	$96	$113	$129
6.8%	$59	$74	$89	$103	$118
7.8%	$55	$68	$82	$95	$109
8.8%	$51	$63	$75	$88	$100

Current price: $76.17. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$75.00

Market Price

$76.17

Upside / Downside

-1.5%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), J&J Snack Foods Corp. (JJSF) has a fair value of $75.00 based on 8 comparable companies in the Packaged Foods industry.

P/E Valuation — Packaged Foods

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
J&J Snack Foods Corp.JJSF	1,489	22.7x	14.7x
The Andersons, Inc.ANDE	2,433	25.5x	23.6x
Central Garden & Pet CompanyCENT	2,383	15.0x	13.0x
Universal Technical Institute, Inc.UTI	1,953	31.4x	33.5x
Strategic Education, Inc.STRA	1,798	14.6x	16.3x
Fresh Del Monte Produce Inc.FDP	1,750	19.6x	—
Weis Markets, Inc.WMK	1,749	19.4x	13.1x
Turning Point Brands, Inc.TPB	1,745	29.0x	34.6x
The Simply Good Foods CompanySMPL	1,126	12.2x	7.3x
Industry Median		19.5x	16.3x
(*) Profit after tax		66	101
Equity Value		1,277	1,655
(/) Outstanding shares		20	20
Fair Price		$65	$85

Selected Fair Value (avg of trailing + forward)

$75.00

-1.5%

Fair Value

$71.20

Market Price

$76.17

Upside / Downside

-6.5%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), J&J Snack Foods Corp. (JJSF) has a fair value of $71.20 based on 8 comparable companies in the Packaged Foods industry.

EV/EBITDA Valuation — Packaged Foods

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
J&J Snack Foods Corp.JJSF	1,489	9.6x	9.6x
The Andersons, Inc.ANDE	2,433	10.5x	9.3x
Central Garden & Pet CompanyCENT	2,383	8.2x	8.3x
Universal Technical Institute, Inc.UTI	1,953	14.3x	14.4x
Strategic Education, Inc.STRA	1,798	7.8x	8.1x
Fresh Del Monte Produce Inc.FDP	1,750	10.2x	10.4x
Weis Markets, Inc.WMK	1,749	7.9x	5.9x
Turning Point Brands, Inc.TPB	1,745	17.0x	21.8x
The Simply Good Foods CompanySMPL	1,126	7.3x	7.7x
Industry Median		9.2x	8.8x
(*) EBITDA		161	161
= Enterprise Value		1,482	1,417
(-) Net Debt		58	58
Equity Value		1,425	1,359
(/) Outstanding shares		20	20
Fair Price		$73	$70

Selected Fair Value (avg of trailing + forward)

$71.20

-6.5%

Fair Value

$73.52

Market Price

$76.17

Upside / Downside

-3.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), J&J Snack Foods Corp. (JJSF) has a fair value of $73.52 based on 8 comparable companies in the Packaged Foods industry.

EV/Revenue Valuation — Packaged Foods

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
J&J Snack Foods Corp.JJSF	1,489	1.0x	1.0x
The Andersons, Inc.ANDE	2,433	0.3x	0.3x
Central Garden & Pet CompanyCENT	2,383	0.9x	1.0x
Universal Technical Institute, Inc.UTI	1,953	2.5x	2.5x
Strategic Education, Inc.STRA	1,798	1.4x	1.4x
Fresh Del Monte Produce Inc.FDP	1,750	0.5x	0.5x
Weis Markets, Inc.WMK	1,749	0.4x	0.3x
Turning Point Brands, Inc.TPB	1,745	4.0x	5.1x
The Simply Good Foods CompanySMPL	1,126	0.9x	1.0x
Industry Median		0.9x	1.0x
(*) Revenue		1,583	1,576
= Enterprise Value		1,471	1,519
(-) Net Debt		58	58
Equity Value		1,413	1,461
(/) Outstanding shares		20	20
Fair Price		$72	$75

Selected Fair Value (avg of trailing + forward)

$73.52

-3.5%

PEG Fair Value

Fair Value

$95.67

Market Price

$76.17

Upside / Downside

+25.6%

Verdict

Undervalued

Using the PEG framework with analyst consensus forward EPS growth of 20.9% plus 4.2% dividend yield, the company has a fair value of $95.67 based on NTM EPS (FY2027) of $4.58. The current PEG ratio is 0.80.

PEG Ratio

0.80Undervalued

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 16.6 ÷ (16.7% + 4.2%) = 0.80

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	16.7%
Dividend Yield	+4.2%
Adjusted Growth (clamped 8–25%)	20.9%
Fair P/E	20.9x
NTM EPS (FY2027)	$4.58
Fair Value	$95.67

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$3.36	—	—
FY2027E	$4.58	+36.2%	3

2Y Forward EPS CAGR: 16.7%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$55.6M	$2.91	—
FY2022	$47.2M	$2.46	-15.5%
FY2023	$78.9M	$4.08	+65.9%
FY2024	$86.6M	$4.45	+9.1%
FY2025	$65.6M	$3.36	-24.5%

4Y Historical EPS CAGR: 3.7%

Earnings Power Value

Fair Value

$39.48

Market Price

$76.17

Upside / Downside

-48.2%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 6.8% and normalized earnings of $56.2M, the company has a fair value of $39.48 per share. The EPV range is $31.79 – $51.53 based on WACC sensitivity (5.3% – 8.3%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	56	56	56
(/) WACC	8.3%	6.8%	5.3%
Enterprise Value	679	829	1,065
(-) Net debt	58	58	58
Equity Value	621	772	1,007
(/) Outstanding shares	20	20	20
Fair Price	$31.79	$39.48	$51.53

Dividend Discount Model

Fair Value

$61.76

Market Price

$76.17

Upside / Downside

-18.9%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.5% and projected dividend growth of 1.6%, the fair value is $61.76 per share. The DDM range is $41.04 – $113.21 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$3.11

Dividend Yield

4.20%

Payout Ratio

92.6%

Dividend Coverage

1.08x

FCF Payout Ratio73.9%

DPS CAGR (4Y)7.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$3.11	92.6%	+6.1%
2024	$2.93	65.8%	+5.0%
2023	$2.79	68.3%	+10.6%
2022	$2.52	102.5%	+7.7%
2021	$2.34	80.5%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$3.16	1.6%	0.9305	$2.94
2027	$3.21	1.6%	0.8659	$2.78
2028	$3.26	1.6%	0.8057	$2.63
2029	$3.32	1.6%	0.7497	$2.49
2030	$3.37	1.6%	0.6977	$2.35
Terminal Value	$3.46 DPS	2.5%		$48.56

PV of Projected Dividends$13.19

PV of Terminal Value$48.56

Fair Value per Share$61.76

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.6%	1.6%	2.6%	3.6%
5.5%	$96	$99	$103	$108	$113
6.5%	$72	$74	$77	$81	$85
7.5%	$57	$59	$62	$65	$67
8.5%	$48	$49	$51	$54	$56
9.5%	$41	$42	$44	$46	$48

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

J&J Snack Foods Corp. (JJSF) Valuation Summary

Updated May 11, 2026 03:06

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$32.36 – $164.25	$52.21	-31.5%
Growth Exit 10Y	$44.10 – $232.48	$72.49	-4.8%
EBITDA Exit 5Y	$46.64 – $123.25	$81.64	+7.2%
EBITDA Exit 10Y	$50.67 – $140.67	$88.62	+16.4%
▸ Trading Multiples
P/E	$50.19 – $97.34	$75.00	-1.5%
EV/EBITDA	$62.59 – $115.38	$71.20	-6.5%
EV/Revenue	$38.06 – $201.00	$73.52	-3.5%
▸ PEG
PEG Fair Value	$95.67 – $95.67	$95.67	+25.6%
▸ Earnings Power Value
Earnings Power Value	$31.79 – $51.53	$39.48	-48.2%
▸ Dividend Discount
Dividend Discount	$41.04 – $113.21	$61.76	-18.9%

Valuation History

DCF Analysis

Fair Value

$52.21

Market Price

$76.17

Upside / Downside

-31.5%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

6.78%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	96	97	98	106	115	118
(−) Net Interest	2	2	2	2	2	2
(+) D&A	80	87	87	83	87	90
EBITDA	178	186	186	191	205	210

(−) Tax	24	25	25	27	29	30
(−) CapEx	85	87	87	95	103	105
(−) ΔWC	-1	4	1	24	26	26
Free Cash Flow (FCFF)	70	70	73	46	47	48

Terminal Value						1,130
WACC / Discount Rate	6.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	67	64	62	37	35	814

Enterprise Value	1,078
Projection Period	264	24.5%
Terminal Value	814	75.5%

(−) Current Net Debt	58

Equity Value	1,021
(/) Outstanding Shares	20

Fair Price	$52.21

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.8%	$71	$82	$97	$121	$164
5.8%	$54	$60	$68	$78	$93
6.8%	$44	$48	$52	$58	$65
7.8%	$37	$40	$43	$46	$50
8.8%	$32	$34	$36	$38	$41

Current price: $76.17. Green = undervalued, Red = overvalued.

Fair Value

$72.49

Market Price

$76.17

Upside / Downside

-4.8%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

6.78%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	96	97	98	106	115	124	132	140	146	152	156
(−) Net Interest	2	2	2	2	2	2	3	3	3	3	3
(+) D&A	80	87	87	83	87	91	96	103	110	117	120
EBITDA	178	186	186	191	205	217	231	245	259	272	279

(−) Tax	24	25	25	27	29	31	33	35	37	38	39
(−) CapEx	85	87	87	95	103	110	118	124	130	135	139
(−) ΔWC	-1	4	1	24	26	25	24	22	19	16	17
Free Cash Flow (FCFF)	70	70	73	46	47	51	56	63	72	82	84

Terminal Value											1,955
WACC / Discount Rate	6.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	67	64	62	37	35	35	37	39	41	44	1,014

Enterprise Value	1,475
Projection Period	460	31.2%
Terminal Value	1,014	68.8%

(−) Current Net Debt	58

Equity Value	1,417
(/) Outstanding Shares	20

Fair Price	$72.49

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.8%	$105	$119	$140	$174	$232
5.8%	$79	$86	$96	$109	$129
6.8%	$63	$67	$72	$79	$88
7.8%	$52	$55	$58	$62	$67
8.8%	$44	$46	$48	$51	$54

Current price: $76.17. Green = undervalued, Red = overvalued.

Fair Value

$81.63

Market Price

$76.17

Upside / Downside

+7.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project J&J Snack Foods Corp.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -2.4% to 8.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 48, DPO 34, DIO 58). At a 6.8% WACC with mid-year discounting, the terminal value (84% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.2x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $81.64 per share, suggesting JJSF is fairly valued by 7.2% at the current price of $76.17.

FCFF Present Value Calculation

WACC

6.78%

3% – 20%

EV/EBITDA Exit Multiple

9.19x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	96	97	98	106	115	118
(−) Net Interest	2	2	2	2	2	2
(+) D&A	80	87	87	83	87	90
EBITDA	178	186	186	191	205	210

(−) Tax	24	25	25	27	29	—
(−) CapEx	85	87	87	95	103	—
(−) ΔWC	-1	4	1	24	26	—
Free Cash Flow (FCF)	70	70	73	46	47	—

Peers' EBITDA Multiple						9.2x
Terminal Value						1,928
WACC / Discount Rate	6.78%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	67	64	62	37	35	1,389

Enterprise Value	1,653
Projection Period	264	16.0%
Terminal Value	1,389	84.0%

(−) Current Net Debt	58
Equity Value	1,596
(÷) Outstanding Shares	20M
Fair Price	$82	+7.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.2x	7.2x	9.2x	11.2x	13.2x
4.8%	$55	$72	$89	$106	$123
5.8%	$53	$69	$85	$102	$118
6.8%	$51	$66	$82	$97	$113
7.8%	$49	$63	$78	$93	$108
8.8%	$47	$61	$75	$89	$103

Current price: $76.17. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$88.61

Market Price

$76.17

Upside / Downside

+16.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project J&J Snack Foods Corp.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -2.4% to 3.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 48, DPO 34, DIO 58). At a 6.8% WACC with mid-year discounting, the terminal value (74% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.2x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $88.62 per share, suggesting JJSF is undervalued by 16.4% at the current price of $76.17.

FCFF Present Value Calculation

WACC

6.78%

3% – 20%

EV/EBITDA Exit Multiple

9.19x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	96	97	98	106	115	124	132	140	146	152	156
(−) Net Interest	2	2	2	2	2	2	3	3	3	3	3
(+) D&A	80	87	87	83	87	91	96	103	110	117	120
EBITDA	178	186	186	191	205	217	231	245	259	272	279

(−) Tax	24	25	25	27	29	31	33	35	37	38	—
(−) CapEx	85	87	87	95	103	110	118	124	130	135	—
(−) ΔWC	-1	4	1	24	26	25	24	22	19	16	—
Free Cash Flow (FCF)	70	70	73	46	47	51	56	63	72	82	—

Peers' EBITDA Multiple											9.2x
Terminal Value											2,562
WACC / Discount Rate	6.78%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	67	64	62	37	35	35	37	39	41	44	1,329

Enterprise Value	1,790
Projection Period	460	25.7%
Terminal Value	1,329	74.3%

(−) Current Net Debt	58
Equity Value	1,732
(÷) Outstanding Shares	20M
Fair Price	$89	+16.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.2x	7.2x	9.2x	11.2x	13.2x
4.8%	$69	$87	$105	$123	$141
5.8%	$64	$80	$96	$113	$129
6.8%	$59	$74	$89	$103	$118
7.8%	$55	$68	$82	$95	$109
8.8%	$51	$63	$75	$88	$100

Current price: $76.17. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$75.00

Market Price

$76.17

Upside / Downside

-1.5%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), J&J Snack Foods Corp. (JJSF) has a fair value of $75.00 based on 8 comparable companies in the Packaged Foods industry.

P/E Valuation — Packaged Foods

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
J&J Snack Foods Corp.JJSF	1,489	22.7x	14.7x
The Andersons, Inc.ANDE	2,433	25.5x	23.6x
Central Garden & Pet CompanyCENT	2,383	15.0x	13.0x
Universal Technical Institute, Inc.UTI	1,953	31.4x	33.5x
Strategic Education, Inc.STRA	1,798	14.6x	16.3x
Fresh Del Monte Produce Inc.FDP	1,750	19.6x	—
Weis Markets, Inc.WMK	1,749	19.4x	13.1x
Turning Point Brands, Inc.TPB	1,745	29.0x	34.6x
The Simply Good Foods CompanySMPL	1,126	12.2x	7.3x
Industry Median		19.5x	16.3x
(*) Profit after tax		66	101
Equity Value		1,277	1,655
(/) Outstanding shares		20	20
Fair Price		$65	$85

Selected Fair Value (avg of trailing + forward)

$75.00

-1.5%

Fair Value

$71.20

Market Price

$76.17

Upside / Downside

-6.5%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), J&J Snack Foods Corp. (JJSF) has a fair value of $71.20 based on 8 comparable companies in the Packaged Foods industry.

EV/EBITDA Valuation — Packaged Foods

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
J&J Snack Foods Corp.JJSF	1,489	9.6x	9.6x
The Andersons, Inc.ANDE	2,433	10.5x	9.3x
Central Garden & Pet CompanyCENT	2,383	8.2x	8.3x
Universal Technical Institute, Inc.UTI	1,953	14.3x	14.4x
Strategic Education, Inc.STRA	1,798	7.8x	8.1x
Fresh Del Monte Produce Inc.FDP	1,750	10.2x	10.4x
Weis Markets, Inc.WMK	1,749	7.9x	5.9x
Turning Point Brands, Inc.TPB	1,745	17.0x	21.8x
The Simply Good Foods CompanySMPL	1,126	7.3x	7.7x
Industry Median		9.2x	8.8x
(*) EBITDA		161	161
= Enterprise Value		1,482	1,417
(-) Net Debt		58	58
Equity Value		1,425	1,359
(/) Outstanding shares		20	20
Fair Price		$73	$70

Selected Fair Value (avg of trailing + forward)

$71.20

-6.5%

Fair Value

$73.52

Market Price

$76.17

Upside / Downside

-3.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), J&J Snack Foods Corp. (JJSF) has a fair value of $73.52 based on 8 comparable companies in the Packaged Foods industry.

EV/Revenue Valuation — Packaged Foods

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
J&J Snack Foods Corp.JJSF	1,489	1.0x	1.0x
The Andersons, Inc.ANDE	2,433	0.3x	0.3x
Central Garden & Pet CompanyCENT	2,383	0.9x	1.0x
Universal Technical Institute, Inc.UTI	1,953	2.5x	2.5x
Strategic Education, Inc.STRA	1,798	1.4x	1.4x
Fresh Del Monte Produce Inc.FDP	1,750	0.5x	0.5x
Weis Markets, Inc.WMK	1,749	0.4x	0.3x
Turning Point Brands, Inc.TPB	1,745	4.0x	5.1x
The Simply Good Foods CompanySMPL	1,126	0.9x	1.0x
Industry Median		0.9x	1.0x
(*) Revenue		1,583	1,576
= Enterprise Value		1,471	1,519
(-) Net Debt		58	58
Equity Value		1,413	1,461
(/) Outstanding shares		20	20
Fair Price		$72	$75

Selected Fair Value (avg of trailing + forward)

$73.52

-3.5%

PEG Fair Value

Fair Value

$95.67

Market Price

$76.17

Upside / Downside

+25.6%

Verdict

Undervalued

PEG Ratio

0.80Undervalued

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 16.6 ÷ (16.7% + 4.2%) = 0.80

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	16.7%
Dividend Yield	+4.2%
Adjusted Growth (clamped 8–25%)	20.9%
Fair P/E	20.9x
NTM EPS (FY2027)	$4.58
Fair Value	$95.67

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$3.36	—	—
FY2027E	$4.58	+36.2%	3

2Y Forward EPS CAGR: 16.7%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$55.6M	$2.91	—
FY2022	$47.2M	$2.46	-15.5%
FY2023	$78.9M	$4.08	+65.9%
FY2024	$86.6M	$4.45	+9.1%
FY2025	$65.6M	$3.36	-24.5%

4Y Historical EPS CAGR: 3.7%

Earnings Power Value

Fair Value

$39.48

Market Price

$76.17

Upside / Downside

-48.2%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	56	56	56
(/) WACC	8.3%	6.8%	5.3%
Enterprise Value	679	829	1,065
(-) Net debt	58	58	58
Equity Value	621	772	1,007
(/) Outstanding shares	20	20	20
Fair Price	$31.79	$39.48	$51.53

Dividend Discount Model

Fair Value

$61.76

Market Price

$76.17

Upside / Downside

-18.9%

Verdict

Overvalued

Dividend Profile

Current DPS

$3.11

Dividend Yield

4.20%

Payout Ratio

92.6%

Dividend Coverage

1.08x

FCF Payout Ratio73.9%

DPS CAGR (4Y)7.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$3.11	92.6%	+6.1%
2024	$2.93	65.8%	+5.0%
2023	$2.79	68.3%	+10.6%
2022	$2.52	102.5%	+7.7%
2021	$2.34	80.5%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$3.16	1.6%	0.9305	$2.94
2027	$3.21	1.6%	0.8659	$2.78
2028	$3.26	1.6%	0.8057	$2.63
2029	$3.32	1.6%	0.7497	$2.49
2030	$3.37	1.6%	0.6977	$2.35
Terminal Value	$3.46 DPS	2.5%		$48.56

PV of Projected Dividends$13.19

PV of Terminal Value$48.56

Fair Value per Share$61.76

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.6%	1.6%	2.6%	3.6%
5.5%	$96	$99	$103	$108	$113
6.5%	$72	$74	$77	$81	$85
7.5%	$57	$59	$62	$65	$67
8.5%	$48	$49	$51	$54	$56
9.5%	$41	$42	$44	$46	$48