HIGHOutside partyCustomer
60%
top 10 customers
“10-K Item 1: 'During 2025, our top 10 customers, collectively, accounted for approximately 60 percent of consolidated net sales.'”
SJM · Concentration risk · 10-K extracted
The J.M. Smucker (SJM) concentration risks
Updated
The most significant concentration The J.M. Smucker discloses is top 10 customers at 60%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: The J.M. Smucker’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH2
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partySupplier
Keurig
“10-K Item 1A: 'Keurig is our single-source supplier for K-Cup® pods, which are used in its proprietary Keurig® K-Cup® brewing system.'”
MEDIUMOutside partyCustomer
33%
Walmart
“10-K Item 1: 'Sales to Walmart Inc. and subsidiaries amounted to 33 percent of net sales in both 2025 and 2024 and 34 percent of net sales in 2023.'”
LOWBuilt-inGeographic
4%
outside the U.S.
“10-K Item 1: 'Net sales outside the U.S., subject to foreign currency translation, represented 4 percent of consolidated net sales for 2025.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-19J.M. Smucker's concentration risk runs deep on both the customer and supplier sides, and both carry a high-share band. During 2025, the top 10 customers collectively accounted for approximately 60% of consolidated net sales — a high-share dependency exposure. On the supply side, Keurig is Smucker's single-source supplier for K-Cup pods used in its proprietary Keurig K-Cup brewing system, also a high-share dependency, meaning an entire product category runs through one counterparty relationship. Within the customer concentration, Walmart Inc. and subsidiaries alone represented 33% of net sales in both 2025 and 2024 and 34% in 2023 — a medium-share exposure. Internationally, net sales outside the U.S. represented just 4% of consolidated net sales for 2025 — a low-share, structural exposure, meaning the business is overwhelmingly domestic. Of these, the Keurig single-source dependency for K-Cup pods is arguably the most consequential because no alternative supplier is disclosed, while the 60% top-10-customer share and 33% Walmart share are large but sit within a broader customer base. The low-share 4% international exposure keeps currency and geopolitical risk contained, but it also means geographic diversification offers little cushion if U.S. demand or a key U.S. relationship weakens.
For the engine’s reasoning on SJM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Packaged Foods
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| SJM● | The J.M. Smucker Company | 2 | 1 | 1 | 4 |
| CENT | Central Garden & Pet Company | 1 | 1 | 2 | 4 |
| CENTA | Central Garden & Pet Company | 1 | 1 | 2 | 4 |
| CPB | The Campbell's Company | 1 | 1 | 1 | 3 |
| CAG | ConAgra Brands, Inc. | 0 | 1 | 0 | 1 |
| BRBR | BellRing Brands, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.