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. In the quarter to August 2026, revenue fell 1.39%, EPS grew 6.97%, free cash flow fell 464.5% and total debt fell 6.20%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Conagra Brands (CAG) Altman Z-score
Conagra Brands's Altman Z-score for fiscal 2026 is 1.01, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 1.01 | (0.69) |
| FY2025 | 1.70 | (0.13) |
| FY2024 | 1.82 | (0.01) |
| FY2023 | 1.84 | 0.03 |
| FY2022 | 1.80 | (0.15) |
| FY2021 | 1.96 | 0.22 |
| FY2020 | 1.74 | 0.30 |
| FY2019 | 1.44 | (1.60) |
| FY2018 | 3.04 | (0.32) |
| FY2017 | 3.36 | 1.22 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.02) | — | −0.02 | |
| Retained earnings / total assets | 0.24 | — | 0.34 | |
| EBIT / total assets | (0.09) | — | −0.31 | |
| Market value of equity / total liabilities | 0.58 | — | 0.35 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Distress zone | 1.01 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.65 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| INGR Ingredion Incorporated compare | 3.8× |
| PPC Pilgrim's Pride Corporation compare | 3.6× |
| SFD Smithfield Foods, Inc. compare | 3.4× |
| HRL Hormel Foods Corporation compare | 3.3× |
| LW Lamb Weston compare | 2.5× |
| MICC The Magnum Ice Cream Company N.V. compare | 2.0× |
| DAR Darling Ingredients Inc. compare | 1.9× |
| CPB The Campbell's Company compare | 1.5× |
| CAG Conagra Brands | 1.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets