Reversing the ongoing biodiversity decline is critical to secure the future of all species. Food production ranks among the primary causes of biodiversity loss. Yet, research lacks appreciations of the biodiversity actions of companies across food value chains. In this paper, adopting a qualitative, grounded theory research design, we explore companies’ biodiversity actions across a national food value chain. Empirically, we study 37 companies operating in the Finnish food value chain via interviews and secondary material. As our findings, we (1) identify what companies’ biodiversity actions are, (2) assess which actions bear direct vs. indirect impact on biodiversity, and further, how these actions depend on (3) a company’s position in the value chain, and (4) the function within an organization. In so doing, we contribute to the discussion on biodiversity and business by offering an analytical categorization of companies’ direct vs. indirect biodiversity actions across a national food value chain. Our findings are a call for more research, policy and corporate commitments toward biodiversity conservation.