Maple Leaf Foods: Re-Rated, But Upside Still On The Table

Maple Leaf Foods is transitioning into a pure-play CPG company, with improved margins and reduced risk after its spin-off from Canada Packers. MFI:CA delivered 8.1% revenue growth and a 21.7% FY 2025 adjusted EBITDA increase, driven by value-added products and supply chain optimization. Despite higher Capex and FCF compression, MFI:CA maintains strong cash conversion, covers dividends, repurchases shares, and lowers net long-term debt to $994.7 million.