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BRF SA
(NYSE:BRFS)
BRF SA (BRFS) vs. SPDR S&P 500 ETF (SPY)
BRF SA Business Overview & Revenue Model
BRF SA Earnings Call Summary
BRF SA Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 63.95B | 61.38B | 53.62B | 53.81B | 48.34B | 39.47B |
| Gross Profit | 16.83B | 15.84B | 8.83B | 8.13B | 10.17B | 9.47B |
| EBITDA | 12.22B | 9.13B | 4.13B | 3.42B | 4.85B | 5.55B |
| Net Income | 3.59B | 3.21B | -2.03B | -3.09B | 419.45M | 1.52B |
Balance Sheet | ||||||
| Total Assets | 64.29B | 62.68B | 57.27B | 57.85B | 55.90B | 49.66B |
| Cash, Cash Equivalents and Short-Term Investments | 15.09B | 12.06B | 9.71B | 8.55B | 7.88B | 7.89B |
| Total Debt | 24.86B | 24.73B | 23.82B | 26.56B | 27.94B | 24.94B |
| Total Liabilities | 46.19B | 46.18B | 41.63B | 46.03B | 47.08B | 40.85B |
| Stockholders Equity | 16.85B | 15.09B | 14.92B | 11.27B | 8.46B | 8.59B |
Cash Flow | ||||||
| Free Cash Flow | 9.61B | 8.51B | 1.52B | 194.92M | 2.19B | 3.52B |
| Operating Cash Flow | 12.78B | 10.78B | 3.94B | 1.88B | 3.92B | 4.42B |
| Investing Cash Flow | -3.85B | -3.50B | -2.11B | -3.26B | -3.55B | -1.43B |
| Financing Cash Flow | -6.42B | -6.73B | -861.84M | 2.26B | -572.48M | -587.04M |
BRF SA Technical Analysis
BRF SA Risk Analysis
BRF SA Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | 9.67B | 7.83 | 33.10% | ― | 2.06% | 63.27% | |
77 Outperform | $5.61B | 9.91 | 21.17% | 12.69% | -1.19% | 78.79% | |
73 Outperform | 16.08B | 11.60 | 26.62% | 0.01% | 0.00% | 288.18% | |
63 Neutral | 13.65B | 18.10 | 9.33% | 4.64% | 0.65% | -3.76% | |
60 Neutral | 4.54B | 20.58 | -73.67% | ― | 16.27% | 5.13% | |
52 Neutral | 11.61B | -7.93 | -24.63% | 3.99% | 2.54% | -293.39% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% |
BRF SA Corporate Events
On September 8, 2025, BRF S.A. and Marfrig Global Foods S.A. announced the approval of a merger of shares, with the closing date set for September 22, 2025. This merger will result in BRF shareholders receiving Marfrig shares, and the last trading day for BRF shares on B3 will be September 22, 2025. The merger includes a reimbursement for dissident shareholders and a distribution of dividends and interest on capital, with payments scheduled for late September 2025. The merger aims to consolidate operations and enhance market positioning, impacting shareholders with changes in shareholding and financial distributions.
On September 5, 2025, BRF S.A. and Marfrig Global Foods S.A. announced that the Court of the Administrative Council for Economic Defense (CADE) approved the merger of BRF shares by Marfrig. This merger, initially executed on May 15, 2025, and amended on May 26, 2025, aims to consolidate their market position, subject to certain conditions and the final approval of CADE. The merger is expected to impact the companies’ operational synergies and market strategies, although it is subject to regulatory conditions and market uncertainties.
On August 5, 2025, BRF S.A. announced the approval of a merger of its shares with Marfrig Global Foods S.A., subject to certain conditions. This merger allows shareholders who oppose the merger to exercise a Withdrawal Right, entitling them to a reimbursement per share. The company has outlined the tax implications for both resident and non-resident dissenting shareholders, emphasizing the withholding of taxes for non-residents. This merger is part of BRF’s strategic efforts to consolidate its market position, though it presents tax considerations for shareholders.
On August 13, 2025, BRF S.A. held an ordinary meeting of its Fiscal Council in São Paulo, where the council members, along with representatives from Grant Thornton Auditores Independentes, analyzed and discussed the company’s quarterly financial information for the period ending June 30, 2025. The meeting concluded with the council members acknowledging the financial report, which is filed at the company’s headquarters, indicating a routine review process to ensure transparency and accountability in financial reporting.
On August 14, 2025, BRF S.A.’s Board of Directors held an ordinary meeting where they unanimously approved the company’s Quarterly Financial Information for the quarter ending June 30, 2025. This approval, which included the Management Report, explanatory notes, and the opinion of independent auditors, reflects the company’s commitment to transparency and adherence to financial regulations, potentially impacting its market credibility and investor confidence.
On August 4, 2025, BRF S.A. released its interim financial information for the period ending June 30, 2025. The report highlights the company’s financial position, showcasing a significant increase in cash and cash equivalents compared to the end of 2024. This financial update could impact BRF’s operational strategies and market positioning as it reflects the company’s current financial health and potential for future growth.
On August 5, 2025, BRF S.A. held an Extraordinary General Meeting, the outcomes of which were disclosed on August 12, 2025. The company provided a detailed voting map consolidating votes from various channels, reflecting its commitment to transparency with its shareholders. This meeting is part of BRF’s ongoing efforts to engage with its stakeholders and maintain its position in the competitive food industry.
On August 7, 2025, BRF S.A. announced that Standard & Poor’s has upgraded its global scale credit rating from ‘BB’ to ‘BB+’, with the outlook changing from positive to stable. This upgrade reflects positively on BRF’s financial health and could enhance its market position, potentially leading to increased investor confidence and improved stakeholder relations.
On August 5, 2025, BRF S.A. announced the settlement of its seventh issuance of simple, non-convertible debentures, amounting to R$2 billion. These debentures, issued in five series, were privately placed with ECO Securitizadora de Direitos Creditórios do Agronegócio S.A. and are backed by agribusiness credit rights. This strategic move is part of BRF’s ongoing efforts to optimize its debt profile by managing the maturity and cost of its financial instruments.
On August 5, 2025, BRF S.A. and Marfrig Global Foods S.A. announced the approval of a merger of shares by their shareholders during their respective Extraordinary General Meetings. This merger, initially planned on May 15, 2025, and amended on May 26, 2025, allows shareholders who did not vote in favor of the merger to exercise their Withdrawal Right. This strategic move is expected to impact the companies’ market positioning and operations, with further information to be disclosed as conditions for the merger are verified.
On August 5, 2025, BRF S.A. announced that its shareholders have approved the merger of BRF shares by Marfrig Global Foods S.A. during an Extraordinary General Meeting. This merger, initially planned in May 2025, is subject to further approval at Marfrig’s extraordinary general meeting and other conditions outlined in the merger plan. The merger is expected to impact BRF’s operations and market positioning, and the company will continue to update stakeholders on relevant developments.
BRF S.A. announced the consolidation of voting instructions received from American Depositary Receipts (ADR) holders for its Extraordinary General Meeting scheduled for August 5, 2025. This disclosure includes a synthetic voting map and tabulation of votes, reflecting the company’s commitment to transparency and shareholder engagement. The announcement highlights the challenges of cross-border securities regulations, emphasizing the differences between Brazilian and U.S. disclosure requirements, which may affect stakeholders’ ability to enforce rights under U.S. federal securities laws.
BRF S.A. has announced the postponement of its Extraordinary General Meeting (EGM) to August 5, 2025, following a decision by the Brazilian Securities and Exchange Commission. The meeting, initially scheduled for June 18, 2025, will address the merger of BRF’s shares into Marfrig Global Foods S.A. The agenda includes approving the merger plan, ratifying the appointment of an appraisal company, and authorizing necessary actions to complete the merger. This merger is expected to significantly impact BRF’s market positioning by integrating with Marfrig, potentially enhancing its operational scale and market reach.
On July 14, 2025, BRF S.A. announced that Banco BTG Pactual S.A. has increased its shareholding in the company to approximately 7.79% of BRF’s capital stock. BTG Pactual clarified that this increase is intended for financial transactions and does not aim to alter the company’s control or management structure, nor is it targeting any specific shareholding percentage. This development is significant as it reflects BTG Pactual’s strategic financial positioning without impacting BRF’s operational or managerial dynamics.
On July 11, 2025, BRF S.A. received a notification from Marfrig Global Foods S.A. and its affiliates, indicating that they now hold a substantial portion of BRF’s shares, totaling 58.87% of the company’s capital stock. This move is part of a larger strategic plan, as Marfrig and BRF have previously agreed on a merger protocol, which, upon approval, will convert BRF into a wholly-owned subsidiary of Marfrig. This development could potentially strengthen Marfrig’s position in the food industry, although the current shareholding control and administrative structure of BRF will remain unchanged.
On July 11, 2025, BRF S.A. announced that the Brazilian Securities Exchange Commission (CVM) rejected a request to interrupt the company’s Extraordinary General Meeting initially scheduled for June 18, 2025, and postponed to July 14, 2025. However, the CVM requested additional information to be disclosed, leading to a further postponement of the meeting for 21 days. This decision reflects ongoing regulatory scrutiny and the need for transparency in BRF’s corporate governance, potentially impacting shareholder relations and market confidence.
On July 8, 2025, BRF S.A. responded to an inquiry from B3 S.A. regarding recent fluctuations in its share prices and trading volumes. The company stated that it is not aware of any undisclosed information or events that could explain these fluctuations. BRF S.A. emphasized its commitment to keeping shareholders and the market informed of any relevant developments in accordance with regulatory requirements.
On July 7, 2025, BRF S.A.’s Board of Directors held an extraordinary meeting to approve the company’s seventh issuance of simple, non-convertible, unsecured debentures. This issuance, amounting to up to R$2.5 billion, will be linked to the issuance of agribusiness receivables certificates (CRA) through a private placement with Eco Securitizadora de Direitos Creditórios do Agronegócio S.A. This strategic financial move is aimed at strengthening BRF’s capital structure and enhancing its market positioning in the agribusiness sector.
On June 27, 2025, BRF S.A.’s Board of Directors held an extraordinary meeting to discuss updates to the Novo Mercado Regulations proposed by B3 S.A. The board unanimously rejected all 25 proposals, which included changes to governance structures, audit processes, and regulatory compliance measures. This decision indicates BRF’s commitment to maintaining its current governance and operational frameworks, potentially impacting its market positioning and stakeholder relations.
On June 24, 2025, BRF S.A. announced the postponement of its Extraordinary General Meeting (EGM) initially scheduled for June 18, 2025, to July 14, 2025, following a decision by the Brazilian Securities and Exchange Commission. The agenda for the EGM includes approving a merger plan with Marfrig Global Foods S.A., which involves the incorporation of BRF shares by Marfrig, subject to certain conditions. This merger is expected to impact BRF’s operational structure and market positioning, potentially affecting stakeholders, including shareholders and ADR holders.
BRF S.A. announced that its Extraordinary General Meeting, initially scheduled for June 18, 2025, has been postponed following a decision by the Brazilian Securities and Exchange Commission on June 16, 2025. The postponement is to allow for the disclosure of additional information requested by the commission. This development is part of ongoing compliance with regulatory requirements, and BRF has committed to keeping its shareholders and the market informed of any further updates. This delay may impact the company’s operations and stakeholder relations, particularly concerning its merger with Marfrig, which is subject to regulatory scrutiny and market conditions.
On June 17, 2025, BRF S.A. announced that Caixa de Previdência dos Funcionários do Banco do Brasil (PREVI) has disposed of some common shares, now holding 83,000,845 shares, which represent approximately 4.9333% of BRF’s total common shares. PREVI clarified that its shareholding is not linked to any specific objectives or agreements related to its participation in BRF, as per CVM Resolution 44/2021.
On June 17, 2025, BRF S.A. and Marfrig Global Foods S.A. announced that the Brazilian Securities Commission (CVM) has postponed BRF’s Extraordinary General Meeting, initially scheduled for June 18, 2025, by 21 days. This decision follows the CVM’s request for additional information to be disclosed to the companies’ independent committees. The companies are currently evaluating the CVM’s decision and considering potential measures, including a possible request for reconsideration, and will keep the market updated on any significant developments.