The Campbell's Company
CPB Consumer Defensive Packaged Foods
The Campbell's Company’s revenue for fiscal 2026 (year ended July 2026) was $9.7 billion, down 4.96% from fiscal 2025. In the quarter to July 2026, revenue fell 7.93%, EPS fell 144.9%, free cash flow grew 5.43% and total debt rose 1.07%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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The Campbell's Company (CPB) Beneish M-score
The Campbell's Company's Beneish M-score for fiscal 2026 is −2.64; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.64 | 0.06 |
| FY2025 | −2.70 | (0.20) |
| FY2024 | −2.50 | 0.12 |
| FY2023 | −2.62 | 0.08 |
| FY2022 | −2.69 | (0.33) |
| FY2021 | −2.36 | 0.38 |
| FY2020 | −2.74 | (0.03) |
| FY2019 | −2.71 | (0.19) |
| FY2018 | −2.52 | 0.22 |
| FY2017 | −2.74 | 0.33 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.96 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.04) | — | −0.19 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.64 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CAG Conagra Brands compare | −3.5× |
| DAR Darling Ingredients Inc. compare | −2.9× |
| LW Lamb Weston compare | −2.9× |
| CPB The Campbell's Company | −2.6× |
| INGR Ingredion Incorporated compare | −2.5× |
| POST Post Holdings, Inc. compare | −2.5× |
| PPC Pilgrim's Pride Corporation compare | −2.4× |
| FRPT Freshpet, Inc. compare | −1.9× |
| SFD Smithfield Foods, Inc. compare | −1.8× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI