SunOpta Inc.
- Open
- 6.49
- Day high
- 6.50
- Day low
- 6.49
- Prev close
- 6.50
- Volume
- 2.9M
- Mkt cap
- $767M
- P/E (TTM)
- 49.1
- EPS (TTM)
- $0.13
- P/B
- 4.1
- P/S
- 0.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$134.3M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
SunOpta Inc. (STKL) is a Consumer Defensive company listed on NASDAQ. The stock is up 3% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 1 published research article covering STKL.
SunOpta Inc. (STKL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
STKL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.03 | $0.04 | +33.3% | — | — |
| Mar 25, 2026 | $0.05 | $0.06 | +20.0% | $219M | +0.6% |
| Nov 5, 2025 | $0.03 | $0.05 | +66.7% | $205M | -5.6% |
| May 7, 2025 | $0.02 | $0.04 | +100.0% | $202M | +3.4% |
| Feb 26, 2025 | $0.06 | $0.06 | +0.0% | $194M | +0.7% |
| Feb 28, 2024 | $0.02 | $0.05 | +150.0% | $182M | +5.5% |
| Mar 1, 2023 | $-0.00 | $0.02 | +2041.7% | $221M | +0.3% |
| Aug 10, 2022 | $0.00 | $0.03 | +1301.9% | $244M | +10.9% |
| Feb 24, 2022 | $-0.00 | $-0.01 | -200.3% | $204M | -1.4% |
| Nov 10, 2021 | $0.01 | $0.01 | +25.0% | $198M | — |
| Aug 11, 2021 | $-0.01 | $-0.01 | +13.1% | $202M | +2.0% |
| May 12, 2021 | $0.01 | $0.01 | +100.0% | $208M | -0.7% |
STKL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 5, 2026 | Oaktree Capital Group Holdings GP, LLC10 percent owner | Sell | 1 | $12.08 |
| May 5, 2026 | Oaktree Capital Group Holdings GP, LLC10 percent owner | Sell | 2,932,453 | — |
| May 5, 2026 | Oaktree Capital Group Holdings GP, LLC10 percent owner | Sell | 30,000 | $2.50 |
| May 5, 2026 | Oaktree Capital Group Holdings GP, LLC10 percent owner | Sell | 20,651,812 | $6.50 |
| Apr 20, 2026 | Lemmon David Jdirector | Grant | 2,362 | $6.47 |
| Apr 20, 2026 | Hollis Richard Deandirector | Grant | 3,197 | $6.47 |
| Apr 20, 2026 | Bolles Albert D.director | Grant | 1,637 | $6.47 |
| Apr 20, 2026 | Reynoso Diegodirector | Grant | 3,775 | $6.47 |
| Apr 20, 2026 | Wickramasinghe Mahesdirector | Grant | 1,440 | $6.47 |
| Apr 20, 2026 | KEATING LESLIE STARRdirector | Grant | 3,332 | $6.47 |
| Apr 20, 2026 | Fisher Rebeccadirector | Grant | 3,466 | $6.47 |
| Apr 15, 2026 | McCullough Christopherofficer: General Counsel | Tax | 7,820 | $6.48 |
| Apr 15, 2026 | McCullough Christopherofficer: General Counsel | Option | 17,147 | — |
| Apr 14, 2026 | Duchscher Robertofficer: CIO | Option | 5,538 | — |
| Apr 14, 2026 | Clark Bryan Pofficer: SVP, FSQ and R&D | Tax | 2,866 | $6.48 |
Source: STKL SEC Form 4 filings, latest May 5, 2026. For informational purposes only — not investment advice.
See the full STKL insider & 13F page →SunOpta Inc. company profile
Overview
SunOpta Inc. (NASDAQ:STKL) is a Canadian-American food manufacturing company founded in 1973 and headquartered in Eden Prairie, Minnesota. Originally established as Stake Technology Ltd., the company rebranded to SunOpta in 2003 and went public in 1986. Over its five-decade history, SunOpta has transformed from a commodity-focused business to a value-added food manufacturer specializing in plant-based and fruit-based products. The company has undergone significant strategic repositioning in recent years, shifting from a 70/30 commodity-to-value-added business ratio to a 30/70 split, positioning itself as a key player in the growing health-conscious and sustainable food market.
Business
SunOpta operates in the packaged foods industry, specifically focusing on plant-based and fruit-based food and beverage manufacturing. The company serves as a contract manufacturer and co-packer for major food brands, retailers, and foodservice distributors worldwide. The company operates through two primary business segments: Plant-Based Foods and Beverages represents the larger and faster-growing segment, generating approximately 60-65% of total revenue. This division manufactures plant-based beverages using various bases including almond, soy, coconut, oat, and hemp. These products are commonly known as plant-based "milks" - dairy alternatives that have gained popularity among health-conscious consumers and those with dietary restrictions. The segment also produces broths (liquid bases for soups and cooking), teas, nutritional beverages, and protein shakes. Additionally, this segment processes sunflower products, including in-shell sunflower seeds and kernels for both food and animal feed applications. Fruit-Based Foods and Beverages accounts for approximately 35-40% of revenue and focuses on frozen fruit processing and fruit snack manufacturing. The division produces individually quick frozen (IQF) fruits such as strawberries, blueberries, mangos, and pineapples for retail customers, as well as bulk frozen fruits, purées, and smoothie ingredients for foodservice applications. The fruit snacks portion manufactures various formats including bars, twists, ropes, and bite-sized products, representing about 20% of total company revenue and experiencing over 20% annual growth. The company's manufacturing network includes specialized facilities for aseptic processing (sterile packaging that extends shelf life without refrigeration), oat extraction, and fruit processing across multiple locations in the United States and Canada.
Revenue model
SunOpta operates as a contract manufacturer and co-packer, generating revenue primarily through product sales to three main customer categories. The company manufactures products according to customer specifications and sells them at negotiated prices that include manufacturing costs plus margins. The company's customers include retail customers (grocery chains and retailers who sell products under their private label brands), branded food companies (established food brands that outsource manufacturing), and foodservice distributors (companies that supply restaurants, cafeterias, and other food service establishments). Notably, SunOpta's top 5 customers have shown 23% average year-over-year revenue growth, indicating strong relationships with key accounts. Revenue growth drivers include expanding relationships with existing customers through new product development, acquiring new customers, and benefiting from overall category growth in plant-based and healthy snack segments. The company has built a pipeline of new business opportunities representing approximately 25% of annual sales volume, with conversion cycles typically ranging 6-18 months. Several factors influence SunOpta's margins and profitability. Positive margin drivers include operational efficiency improvements (the company has achieved 18% output increases in aseptic facilities and 49% in fruit snack facilities), fixed cost leverage from volume growth, manufacturing yield optimization, and the ability to pass through raw material cost increases to customers. The company is also investing in supply chain improvements and capacity expansion to unlock trapped capacity without significant capital expenditure. Margin pressures come from raw material cost inflation, labor cost increases, energy costs, and the complexity of managing multiple product lines and customer specifications. The company has faced challenges with wastewater treatment constraints at its Midlothian facility, which has limited production volume. Additionally, the competitive nature of contract manufacturing means pricing negotiations with customers can impact margins, though SunOpta's focus on value-added products provides some protection against commoditization pressures.
Competitive moat
SunOpta's competitive moat is moderate but strengthening, built primarily around operational capabilities, customer relationships, and specialized manufacturing expertise rather than proprietary technology or brand recognition. The company's strongest moat elements include specialized manufacturing capabilities in aseptic processing and oat extraction, which require significant capital investment and technical expertise. These processes are complex and not easily replicated, particularly the aseptic technology that allows shelf-stable plant-based beverages without refrigeration. The company has also built deep customer relationships through co-development partnerships, where SunOpta works closely with brands to develop new products and formulations, creating switching costs and customer stickiness. Scale advantages provide some protection, as SunOpta's manufacturing network and volumes allow for cost efficiencies that smaller competitors cannot match. The company's transformation from commodity to value-added products has reduced its exposure to pure price competition and increased customer dependence on its specialized capabilities. However, the moat faces several challenges. The contract manufacturing industry is inherently competitive, with customers maintaining multiple suppliers to ensure supply security and pricing leverage. Large food conglomerates could potentially bring manufacturing in-house or work with other co-packers, particularly as plant-based categories mature. New entrants with significant capital could build competing facilities, especially in high-growth segments like plant-based beverages. The company's dependence on a relatively small number of large customers creates vulnerability, as losing a major account could significantly impact revenue. Additionally, as plant-based and healthy snack categories attract more competition, pricing pressure may increase, potentially eroding the premium margins that value-added manufacturing currently provides.
Risks & safety
SunOpta presents moderate financial risk with improving but still concerning leverage levels and tight liquidity conditions. Debt and Solvency Concerns: - Net leverage ratio of 2.4x debt-to-EBITDA as of Q1 2025, down from over 3x previously - Total debt-to-equity ratio of 2.42x indicates significant leverage - Very low cash position of only $2.3 million creates liquidity concerns - Current ratio of 0.95 indicates potential short-term liquidity pressure - Company targeting 2.5x leverage by end of 2025 Cash Flow and Operations: - Positive free cash flow of $7.1 million in Q1 2025, improvement from negative periods - Operating cash flow of $22.3 million shows operational cash generation - Historical volatility in free cash flow, including negative $31 million in 2023 Valuation Metrics: - EV/EBITDA of 11.9x appears reasonable for a growing food manufacturer - Price-to-earnings ratio of 29.6x seems elevated given modest profitability - Price-to-book ratio of 3.68x indicates premium valuation Other Considerations: - Recent $25 million share repurchase authorization provides some downside support - Strong revenue growth trajectory provides earnings growth potential - Improving operational metrics suggest margin expansion capability
Recent development
Over the past few years, SunOpta has executed a comprehensive strategic transformation focused on operational excellence and portfolio repositioning. The company completed a major shift from a commodity-focused business to value-added manufacturing, changing its revenue mix from 70/30 commodity-to-value-added to 30/70. Capacity Expansion and Infrastructure has been a key focus, with the company completing construction of a 285,000 square foot facility in Midlothian, Texas, and bringing online oat extraction capabilities in Modesto, California. The company has achieved significant operational improvements, including 18% output increases in aseptic facilities and 49% increases in fruit snack production capacity. Management is targeting a 20% increase in aseptic processing capacity by end of 2026. Product Portfolio Evolution has emphasized high-growth categories, with particular success in fruit snacks (growing over 20% annually for 16 consecutive quarters), oat-based beverages (59% growth in oat milk sales), and protein shakes. The company has expanded its addressable market by developing new product formats and entering adjacent categories like broths and nutritional beverages. Operational Excellence Initiatives have focused on improving manufacturing yields, labor productivity, and supply chain efficiency. The company has implemented recipe compliance improvements, ingredient substitution optimization, and processing enhancements to drive margin expansion. Management revised executive incentive metrics to emphasize EBITDA growth, revenue expansion, and return on invested capital. Financial Discipline has become a strategic priority, with management shifting focus from capital-fueled growth to operational efficiency and debt reduction. The company is targeting leverage reduction to 2.5x by end of 2025 and has established a $25 million share repurchase program, signaling confidence in its transformation progress.
STKL company profile · for informational purposes only — not investment advice.
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