Goldman flagging Tyson as a favorite right now is the trade the smart money ran 6 months ago. Yes, commodity input costs normalized—that's priced in. The forensic red flag I'm watching: TSN posted 12.1% net margin in Q3 2025, but when you strip out the working capital benefits from lower grain costs, operating cash flow growth significantly lags earnings growth. That gap widens when you compare it to peers managing the same input tailwinds with better accrual discipline.

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