SG&A·Benchmarking Benchmark J.M. Smucker SG&A Headcount

TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 25 US-GAAP packaged-food peers

What "normalized" means. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A. What remains is the residual overhead line, on the same footing for all 25 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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J.M. Smucker SG&A versus peers

J.M. Smucker (SJM) runs normalized SG&A at 11.2% of revenue, against a median of 10.9% across 24 packaged-food peers, and 11 of the 24 run heavier.

Figures as filed through , published by SG&A Benchmarking. This is the briefing above in text.

J.M. Smucker reports revenue of $8,726 million. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 2.1% of revenue (21 of 25 companies disclose it); R&D 0.6% of revenue (22 of 25 companies disclose it); Stock-based comp 0.3% of revenue (24 of 25 companies disclose it); Restructuring 0.2% of revenue (19 of 25 companies disclose it).

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/SJM.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.