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Conagra Brands

CAG Consumer Defensive Packaged Foods

Conagra Brands' revenue for fiscal 2026 (year ended May 2026) was $11.3 billion, down 2.85% from fiscal 2025.

Revenue
−1.39%
EPS
+5.88%
Free cash flow
−464.5%
Total debt
−6.20%

Quarter to August 2026, against a year earlier

15.43 0.16 +1.05%
Market cap
$7.4B
P/E
0.0×
Fwd P/E
10.2×
Dividend yield
6.80%
F-score
4/9
Altman Z
1.01
Beneish M
−3.53
Dividend safety
18/100
Overview Business Profile
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Grocery & Snacks
  • Refrigerated & Frozen
  • Foodservice
  • International

Every year since 2017 →

Insider Decisions last twelve months

Bought, $m 1.12
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 2 — — 1 — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.15%

Capital & Financial Ratios $m

Size
Market Cap 7,400.00
Revenue ttm 11,244.90
Net income ttm (1,906.40)
Free cash flow ttm 924.70
Net debt Q 7,356.00
Valuation
P/E 0.00
Forward P/E 10.20
Price / sales 0.66
Forward P/S Powerpack
Price / FCF 8.13
Price / book 1.15
Financial health
Current ratio Q 1.10
Debt / equity Q 1.21
Interest coverage Q 2.92
Growth
Revenue growth Q −1.39% (below 0%: shrinking)
Operating income growth Q −22.74% (below 0%: shrinking)
EPS, this year −15.08% (below 0%: weak)
EPS, next year A +2.52%
Revenue, next year A −4.02% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −2.81% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 2.2×; over the ten years it ranged from 1.2× in 2026 to 3.0× in 2018.
P/S against its own 10 years 4.84%
10-year low 10-year high
P/B against its own 10 years 11.92%
10-year low 10-year high
EV/Sales against its own 10 years 5.46%
10-year low 10-year high
EV/FCF against its own 10 years 26.70%
10-year low 10-year high

Dividends

Yield
6.80%
Annual rate
1.05
Payout ratio
—
Growth, 2017–25
+6.83%/yr
  1. 0.83 ’17
  2. 0.85 ’18 +3
  3. 0.85 ’19 +0
  4. 0.91 ’20 +7
  5. 1.18 ’21 +29
  6. 1.29 ’22 +9
  7. 1.36 ’23 +6
  8. 1.40 ’24 +3
  9. 1.40 ’25 +0
  10. 1.40 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 78 68 218 372
Receivables 872 770 658 677
Inventory 1,982 2,048 1,905 2,154
Other 134 94 — 13
3,150 3,071 2,882 3,360
2024 2025 2026 Q'26
Payables 1,494 1,590 1,513 1,563
ST’ Debt 20 1,029 778 788
Other 18 3 — —
3,242 4,317 3,188 3,065

Compound Annual Growth %

10y 5y 3y
Sales 2.68% 0.17% (2.78%)
Cash Flow 1.08% (0.92%) 12.10%
Earnings 0.00% 0.00% 0.00%
Book Value 5.30% (5.93%) (10.29%)

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 0.31 Actual 0.41

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 0.44 0.45 Beat by 0.01
Q3 FY26 0.40 0.39 Miss by 0.01
Q4 FY26 0.46 0.47 Beat by 0.01
Q1 FY27 0.31 0.41 Beat by 0.10
Q2 FY27 0.34 — Reports 18 December 2026

EPS $

Aug Nov Feb May Year
’26 0.36 — — — —
’26 0.34 (1.39) 0.42 (3.37) (4.00)
’25 0.97 0.59 0.30 0.53 2.40
’24 0.67 0.60 0.64 (1.18) 0.72
’23 (0.16) 0.79 0.71 0.08 1.42
’22 0.49 0.57 0.45 0.33 1.84
’21 0.67 0.77 0.58 0.64 2.66
Fiscal quarters ending in the months shown.

Revenue $m

Aug Nov Feb May Year
’26 2,596 — — — —
’26 2,633 2,979 2,788 2,882 11,282
’25 2,795 3,195 2,841 2,782 11,613
’24 2,904 3,208 3,033 2,906 12,051
’23 2,904 3,313 3,087 2,973 12,277
’22 2,653 3,059 2,914 2,910 11,536
’21 2,679 2,995 2,771 2,740 11,185
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Aug Nov Feb May Year
’26 (4) — — — —
’26 121 211 564 507 1,402
’25 269 486 592 346 1,692
’24 444 411 677 484 2,016
’23 264 34 406 292 995
’22 140 122 491 425 1,177
’21 285 257 529 398 1,468
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Aug Nov Feb May Year
’26 (113) — — — —
’26 (20) 170 469 398 1,018
’25 136 406 504 261 1,306
’24 300 341 581 406 1,628
’23 140 (28) 327 197 636
’22 (13) 28 392 327 733
’21 140 121 414 290 964
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 3.4% a year for ten years. It grew 1.7% a year over the last ten.

Implied
3.4%
10 years, reported
1.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to May

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Aug ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 7,827 7,938 9,538 11,054 11,185 11,536 12,277 12,051 11,613 11,282 11,245 +4.1% 10,828 10,788 10,877 (1.2%)
Gross margin, % 29.95 29.62 27.81 27.77 28.42 24.61 26.59 27.66 25.86 23.92 23.80 (6.0) pt
EBT 730 875 823 970 1,410 1,179 902 610 1,156 (1,824) (1,881) n/m
EBT margin, % 9.32 11.02 8.63 8.77 12.61 10.22 7.35 5.06 9.96 (16.17) (16.72) (25.5) pt
Net income 648 812 678 842 1,301 888 683 348 1,153 (1,916) (1,906) n/m
Per share, $
Per share, $ Revenue 18.12 19.65 21.48 22.69 23.02 24.02 25.64 25.18 24.28 23.55 23.46 +3.0%
Earnings 1.48 2.00 1.53 1.72 2.67 1.85 1.43 0.73 2.41 (4.00) (3.98) n/m
Cash flow 2.71 2.36 2.53 3.78 3.02 2.45 2.08 4.21 3.54 2.93 2.66 +0.9%
Capex (0.53) (0.60) (0.74) (0.73) (1.04) (0.92) (0.75) (0.81) (0.81) (0.80) (0.74) +4.7%
Free cash flow 2.18 1.76 1.79 3.05 1.98 1.53 1.33 3.40 2.73 2.12 1.93 (0.3%)
Book value 9.44 9.30 16.81 16.32 17.77 18.45 18.39 17.78 18.68 13.27 13.36 +3.9%
Shares, m 432 404 444 487 486 480 479 479 478 479 479 +1.2%
Valuation, ×
Valuation, × P/E 26.04 18.44 17.61 20.19 14.35 17.88 24.22 40.93 9.44 0.00 0.00 18.9
P/S 2.13 1.89 1.25 1.53 1.66 1.37 1.36 1.19 0.94 0.56 0.66 1.4
P/B 4.08 3.98 1.59 2.13 2.15 1.78 1.90 1.68 1.22 0.99 1.15 2.2
EV/Sales 2.47 2.32 2.34 2.36 2.39 2.12 2.05 1.80 1.56 1.18 1.31 2.1
EV/FCF 20.90 26.42 28.62 17.74 28.20 34.13 40.55 13.47 14.00 13.26 16.21 23.7
Cash, $m
Cash, $m Operating cash flow 1,170 954 1,126 1,843 1,468 1,177 995 2,016 1,692 1,402 1,277 +2.0%
Capex (229) (244) (331) (355) (504) (444) (359) (387) (386) (384) (353) +5.9%
Free cash flow 941 711 795 1,487 964 733 636 1,628 1,306 1,018 925 +0.9%
Balance, $m
Balance, $m Working capital 293 (397) 591 (401) (604) (485) (1,056) (92) (1,246) (306) 294 n/m
Net debt 2,717 3,411 10,440 9,193 8,219 8,712 8,504 7,435 7,195 7,016 7,356 +11.1%
Shareholders’ equity 4,078 3,757 7,464 7,951 8,631 8,862 8,807 8,511 8,933 6,358 6,405 +5.1%
Returns, %
Returns, % ROA 5.44 7.89 4.16 3.77 5.84 3.98 3.07 1.62 5.51 (10.03) (9.81) (15.5) pt
ROIC 8.51 9.01 4.24 5.31 6.79 5.03 3.88 3.34 5.29 (7.61) (7.75) (16.1) pt
ROE 16.24 20.64 12.09 10.90 15.67 10.15 7.74 4.01 13.21 (25.06) (24.89) (41.3) pt
People
People Employees 12,600 12,400 18,000 16,500 18,600 18,000 18,600 18,500 18,300 17,400 — +3.7%
Revenue/emp, $m 0.62 0.64 0.53 0.67 0.60 0.64 0.66 0.65 0.63 0.65 — +0.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to May 2026 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Conagra Brands is a packaged food company headquartered in Chicago. Founded in 1919, it sells branded foods to shoppers through retailers and supplies food products to restaurants and other foodservice customers. John P. Brase is its president and chief executive officer.

Its brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender’s, Reddi-wip and Slim Jim. The portfolio spans foods kept on ordinary store shelves as well as refrigerated and frozen products. Conagra also makes customized meals, entrées, sauces and other culinary products for foodservice establishments.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Grocery & Snacks 4,899 42.19%
Refrigerated & Frozen 4,662 40.15%
Foodservice 1,095 9.43%
International 957 8.24%
Gross margin 25.86%
Operating margin 11.75%
Pre-tax margin 9.96%

Revenue by segment since 2017

Conagra Brands vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HRL Hormel Foods Corporation $12.4B 35.8× 16.8× −2.36% (below 0%: shrinking) −66.67% (below 0%: shrinking) +107.16% (above 0%: growing) 15.92% 2.49% Compare
MICC The Magnum Ice Cream Company N.V. $12.3B — — — — — — — Compare
DAR Darling Ingredients Inc. $8.0B 9.5× 8.2× +14.52% (above 0%: growing) +1,323.67% (above 0%: growing) +428.22% (above 0%: growing) 26.66% 18.61% Compare
SFD Smithfield Foods, Inc. $7.7B 8.5× 10.5× −8.27% (below 0%: shrinking) −63.32% (below 0%: shrinking) +160.00% (above 0%: growing) 9.11% 3.70% Compare
LW Lamb Weston $7.6B 29.9× 20.3× +0.66% (above 0%: growing) −54.35% (below 0%: shrinking) −47.29% (below 0%: shrinking) 15.96% 4.92% Compare
CAG Conagra Brands $7.4B — (loss-making) 10.2× −1.39% (below 0%: shrinking) +5.88% (above 0%: growing) −464.50% (below 0%: shrinking) 23.83% 10.34%
CPB The Campbell's Company $7.0B 17.5× 12.5× −7.93% (below 0%: shrinking) n/m +5.43% (above 0%: growing) 27.28% 0.19% Compare
PPC Pilgrim's Pride Corporation $6.8B 21.3× 20.3× −2.23% (below 0%: shrinking) −65.97% (below 0%: shrinking) −101.15% (below 0%: shrinking) 7.17% 4.12% Compare
INGR Ingredion Incorporated $6.1B 10.4× 10.3× +0.93% (above 0%: growing) −40.79% (below 0%: shrinking) +34.38% (above 0%: growing) 23.03% 10.16% Compare
Median of peers $7.7B 17.5× 12.5× −2.23% −58.83% +34.38% 15.96% 4.12%

All 68 Packaged Foods stocks →

Pay and ownership Proxy statement filed 11 August 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 13.68m 5.38m 44.88
2025 13.12m (2.27m) 69.74
2024 24.02m 7.31m 89.57
2023 18.72m 31.19m 98.36
2022 11.95m (896.94k) 90.24
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

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CAG metrics, ten years each

stockrow.com/CAG · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com