Hormel Foods remains a defensive holding with about $12 billion in FY2023 revenue across its Retail, Foodservice and International segments, underpinned by steady earnings and dividend returns. Thermo Fisher Scientific is stabilizing in 2026, posting about $11.1 billion in Q1 revenue and guiding roughly $44 billion for the year as margins improve, with market views and valuation broadly balanced around fair value given its growth trajectory.