A Business at a Glance
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CONAGRA BRANDS INC.
CAG
$7.0B
Mkt Cap
$14.70
-2.71%
Conagra Brands is a North American branded consumer packaged goods food company with a 100-year history, headquartered in Chicago, operating four reporting segments: Grocery & Snacks (shelf-stable branded products sold in U.S. retail), Refrigerated & Frozen (temperature-controlled branded products in U.S. retail), International (branded food products in various temperature states sold outside the U.S. in retail and foodservice), and Foodservice (branded and customized products for restaurants and foodservice establishments primarily in the U.S.). The company earns revenue through direct sales and distributor relationships to chain, wholesale, value, cooperative, club, and independent grocery, pharmacy, convenience, and other store operators, as well as through e-commerce platforms, with Walmart and its affiliates representing approximately 29% of consolidated net sales. Conagra's portfolio includes iconic brands such as Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim, and Angie's BOOMCHICKAPOP, competing primarily on quality, product innovation, value, customer service, brand recognition, and brand loyalty. The company sources many commodity-based raw materials subject to global economic conditions, trade barriers, supply and demand fluctuations, weather, and currency movements, while leveraging intellectual property including trademarks, licensing agreements, and patents to differentiate its offerings. Conagra operates approximately 18,300 employees primarily in the United States, with approximately 44% represented by collective bargaining agreements, and maintains a focus on delivering sustainable, profitable growth with strong returns on invested capital through organic brand growth, innovation, and strategic acquisitions.
【Volume momentum and margin recovery】 Management expects positive organic net sales growth in the second half of fiscal 2026 driven by volume momentum in frozen and snacks categories, easier year-ago comparisons, return to full merchandising, and a full innovation slate, with consumption and shipment trends expected to normalize in Q4. The company anticipates margin expansion following fiscal 2026, supported by core productivity running at approximately 5%, ongoing portfolio reshaping for faster growth and better margins, and eventual inflation relief expected to return closer to historical 2% levels. Management is investing in supply chain resiliency and infrastructure, including baked and fried chicken production modernization, while maintaining a disciplined approach to targeted pricing in inflation-exposed categories such as canned goods, with expected elasticity effects consistent with historical patterns. The company expects to maintain strong free cash flow conversion at approximately 90% of earnings, supporting continued debt paydown and capital investments, though management acknowledges near-term visibility challenges given current macroeconomic volatility and geopolitical uncertainties affecting commodity costs and tariff dynamics.
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 11.3B | 11.3B | 11.6B | 12.1B | 12.3B | 11.5B |
| Net Income | -1.9B | -1.9B | 1.2B | 347M | 684M | 888M |
| EPS | $-4.00 | $-4.00 | $2.40 | $0.72 | $1.42 | $1.84 |
| Free Cash Flow | 979M | 979M | 1.3B | 1.6B |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.6B | 1.5B | 7.8B | 7.9B | 9.5B | 11.1B | 11.2B | 11.5B | 12.3B | 12.1B | 11.6B | 11.3B | 11.3B |
| Gross Margin | 24.9% | 24.8% | 4.8% | 5.3% | 3.4% | 3.3% | 28.4% | 24.6% | 26.6% | 27.7% | 25.9% | 23.9% | 23.9% |
| R&D | 63M | 60M | 45M | 47M | 56M | 56M | 51M | 53M | 58M | 61M | 61M | 63M | 63M |
| SG&A | 1.4B | 2.0B | 1.5B | 1.4B | 1.5B | 1.6B | 1.4B | 1.5B | 1.4B | 1.5B | 1.5B | 1.4B | 1.4B |
| EBIT | 1.2B | -333M | 1.2B | 1.4B | 1.6B | 1.8B | 2.1B | 1.6B | 1.1B | 853M | 1.4B | -1.6B | -1.6B |
| Op. Margin | 75.6% | -22.2% | 15.8% | 17.8% | 17.2% | 16.4% | 19.1% | 13.8% | 8.8% | 7.1% | 11.8% | -14.4% | -14.4% |
| Net Income | -253M | -677M | 639M | 808M | 678M | 840M | 1.3B | 888M | 684M | 347M | 1.2B | -1.9B | -1.9B |
| Net Margin | -15.8% | -45.1% | 8.2% | 10.2% | 7.1% | 7.6% | 11.6% | 7.7% | 5.6% | 2.9% | 9.9% | -17.0% | -17.0% |
| Non-Recurring | 21M | 63M | 396M | 63M | 180M | 299M | 197M | 285M | 116M | 490M | 120M | 2.4B | 2.4B |
| Returns on Capital | |||||||||||||
| ROIC | 6.3% | -6.8% | 11.7% | 17.1% | 10.1% | 8.4% | 11.1% | 6.8% | 4.7% | 3.1% | 8.1% | -13.7% | -9.6% |
| ROE | -5.2% | -16.4% | 16.6% | 21.1% | 12.3% | 11.0% | 15.8% | 10.2% | 7.8% | 4.0% | 13.3% | -25.1% | -30.1% |
| ROA | -1.4% | -4.4% | 5.4% | 7.9% | 4.2% | 3.8% | 5.8% | 4.0% | 3.1% | 1.6% | 5.5% | -10.0% | -11.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 1.3B | 1.2B | 954M | 1.1B | 1.8B | 1.5B | 1.2B | 995M | 2.0B | 1.7B | 1.4B | 1.4B |
| Free Cash Flow | 1.3B | 982M | 928M | 703M | 772M | 1.5B | 962M | 713M | 633M | 1.6B | 1.3B | 979M | 979M |
| Owner Earnings | 1.2B | 939M | 866M | 659M | 759M | 1.4B | 1.0B | 776M | 546M | 1.6B | 1.3B | 951M | 951M |
| CapEx | 237M | 278M | 242M | 252M | 353M | 370M | 506M | 464M | 362M | 388M | 389M | 423M | 423M |
| Maint. CapEx | 285M | 279M | 268M | 257M | 333M | 389M | 388M | 375M | 370M | 401M | 390M | 396M | 396M |
| Growth CapEx | 0 | 0 | 0 | 0 | 20M | 0 | 119M | 89M | 0 | 0 | 0 | 27M | 27M |
| D&A | 285M | 279M | 268M | 257M | 333M | 389M | 388M | 375M | 370M | 401M | 390M | 396M | 396M |
| CapEx/OCF | 23.7% | 22.0% | 20.6% | 26.4% | 31.4% | 20.1% | 34.5% | 39.4% | 36.4% | 19.3% | 23.0% | N/A | 30.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 425M | 433M | 415M | 342M | 356M | 414M | 475M | 582M | 624M | 659M | 669M | 670M | 670M |
| Dividend Yield | 5.5% | 4.4% | 3.6% | 3.2% | 3.5% | 3.7% | 3.4% | 4.4% | 4.3% | 5.2% | 5.5% | N/A | 9.5% |
| Share Buybacks | 50M | 0 | 1.0B | 967M | 0 | 0 | 298M | 50M | 150M | 0 | 64M | 15M | 15M |
| Buyback Yield | 0.4% | N/A | 8.2% | 8.7% | N/A | N/A | 2.0% | 0.4% | 1.0% | N/A | 0.6% | 0.0% | 0.2% |
| Stock-Based Comp | 33M | 42M | 36M | 38M | 34M | 59M | 64M | 26M | 79M | 31M | 42M | 55M | 55M |
| Debt Repayment | 1.5B | 2.5B | 1.1B | 242M | 4.0B | 948M | 2.5B | 49M | 712M | 1.8B | 281M | 1.0B | 1.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 7.7B | 4.6B | 2.7B | 3.4B | 10.4B | 9.2B | 8.9B | 8.9B | 9.1B | 8.4B | 8.0B | 7.1B | 7.1B |
| Cash & Equiv. | 183M | 798M | 251M | 128M | 237M | 553M | 79M | 83M | 93M | 78M | 68M | 218M | 218M |
| Long-Term Debt | 6.9B | 4.9B | 2.8B | 3.2B | 10.7B | 8.9B | 8.3B | 8.1B | 7.1B | 7.5B | 6.2B | 6.5B | 6.5B |
| Debt/Equity | 1.74 | 1.47 | 0.74 | 0.96 | 1.45 | 1.24 | 1.05 | 1.02 | 1.06 | 1.00 | 0.90 | 1.14 | 1.14 |
| Interest Coverage | 3.7 | -1.1 | 6.1 | 8.8 | 4.3 | 3.7 | 5.0 | 4.0 | 2.7 | 2.0 | 3.7 | -4.2 | -4.2 |
| Equity | 4.5B | 3.7B | 4.0B | 3.7B | 7.4B | 7.9B | 8.6B | 8.8B | 8.7B | 8.4B | 8.9B | 6.4B | 6.4B |
| Total Assets | 17.4B | 13.4B | 10.1B | 10.4B | 22.2B | 22.3B | 22.2B | 22.4B | 22.1B | 20.9B | 20.9B | 17.3B | 17.3B |
| Total Liabilities | 12.8B | 9.6B | 6.0B | 6.6B | 14.8B | 14.4B | 13.6B | 13.6B | 13.2B | 12.4B | 12.0B | 10.9B | 10.9B |
| Intangibles | 1.3B | 1.2B | 1.2B | 1.3B | 4.5B | 4.3B | 4.1B | 3.9B | 3.2B | 2.5B | 2.4B | 1.8B | 1.8B |
| Retained Earnings | 4.3B | 3.2B | 4.2B | 4.7B | 5.0B | 5.5B | 6.3B | 6.6B | 6.6B | 6.3B | 6.8B | 4.2B | 4.2B |
| Working Capital | 253M | 1.0B | 293M | -397M | 591M | -402M | -604M | -485M | -1.1B | -92M | -1.2B | -306M | -306M |
| Current Assets | 3.6B | 3.6B | 2.0B | 1.9B | 2.7B | 2.9B | 2.7B | 3.0B | 3.4B | 3.1B | 3.1B | 2.9B | 2.9B |
| Current Liabilities | 3.3B | 2.5B | 1.7B | 2.3B | 2.1B | 3.3B | 3.3B | 3.5B | 4.4B | 3.2B | 4.3B | 3.2B | 3.2B |
| Per Share Data | |||||||||||||
| EPS | -0.59 | -1.56 | 1.46 | 1.98 | 1.52 | 1.72 | 2.66 | 1.84 | 1.42 | 0.72 | 2.40 | -4.00 | -4.00 |
| Owner EPS | 2.77 | 2.16 | 1.98 | 1.61 | 1.70 | 2.86 | 2.08 | 1.61 | 1.13 | 3.28 | 2.62 | 1.99 | 1.99 |
| Book Value | 10.57 | 8.56 | 9.11 | 9.00 | 16.55 | 16.13 | 17.51 | 18.20 | 18.15 | 17.50 | 18.60 | 13.27 | 13.27 |
| Cash Flow/Share | 3.51 | 2.90 | 2.67 | 2.34 | 2.52 | 3.77 | 3.01 | 2.44 | 2.07 | 4.18 | 3.52 | 2.93 | -3.17 |
| Dividends/Share | 1.00 | 1.00 | 0.90 | 0.85 | 0.85 | 0.85 | 1.04 | 1.25 | 1.32 | 1.40 | 1.40 | 1.40 | 1.40 |
| Shares Out. | 428.1M | 434.0M | 437.9M | 408.3M | 446.3M | 488.4M | 488.3M | 482.7M | 481.4M | 482.2M | 480.2M | 479.1M | 479.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 19.1 | 13.8 | 14.1 | 15.2 | 11.4 | 14.9 | 21.0 | 37.0 | 8.9 | N/A | -3.7 |
| P/FCF | 6.9 | 10.9 | 13.1 | 15.9 | 12.4 | 8.7 | 15.4 | 18.5 | 22.7 | 7.9 | 7.9 | N/A | 7.2 |
| EV/EBIT | 15.6 | N/A | 11.8 | 10.4 | 12.0 | 11.8 | 11.0 | 13.9 | 21.8 | 24.8 | 13.4 | N/A | N/A |
| Price/Book | 2.5 | 2.9 | 3.1 | 3.0 | 1.3 | 1.6 | 1.7 | 1.5 | 1.6 | 1.5 | 1.2 | N/A | 1.1 |
| Price/Sales | 6.2 | 6.6 | 1.5 | 1.3 | 1.1 | 1.0 | 1.2 | 1.2 | 1.2 | 1.0 | 1.1 | N/A | 0.6 |
| FCF Yield | 11.2% | 9.2% | 7.6% | 6.3% | 8.1% | 11.5% | 6.5% | 5.4% | 4.4% | 12.7% | 12.7% | N/A | 13.9% |
| Market Cap | 11.3B | 10.7B | 12.2B | 11.2B | 9.5B | 12.8B | 14.8B | 13.2B | 14.3B | 12.8B | 10.3B | 0 | 7.0B |
| Avg. Price | 17.97 | 22.71 | 26.65 | 25.93 | 22.98 | 22.72 | 28.26 | 27.54 | 30.02 | 26.07 | 25.41 | 0.00 | 14.70 |
| Year-End Price | 20.53 | 24.61 | 27.82 | 27.32 | 21.38 | 26.19 | 30.28 | 27.33 | 29.79 | 26.64 | 21.43 | 0.00 | 14.70 |
CONAGRA BRANDS INC. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 8.8x vs a median of 13.1x. The company's 5-year average ROIC is 1.8% with a gross margin of 25.7%. Total shareholder yield (dividends + buybacks) is 9.7%. At current prices, the estimated annualized return to fair value is -3.3%.
CONAGRA BRANDS INC. (CAG) has a 5-year average return on invested capital (ROIC) of 1.8%. This is below average and may indicate limited pricing power.
CONAGRA BRANDS INC. (CAG) has a market capitalization of $7.0B. It is classified as a mid-cap stock.
Yes, CONAGRA BRANDS INC. (CAG) pays a dividend with a trailing twelve-month yield of 9.51%. The company also returns capital through share buybacks, with a buyback yield of 0.22%.
CONAGRA BRANDS INC. (CAG) operates in the Food And Kindred Products industry, within the Consumer Defensive sector.
CONAGRA BRANDS INC. (CAG) reported annual revenue of $11.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
CONAGRA BRANDS INC. (CAG) has a net profit margin of -17.0%. The company is currently unprofitable.
CONAGRA BRANDS INC. (CAG) generated $979 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call
| 633M |
| 713M |
| ROIC | -9.6% | -13.7% | 8.1% | 3.1% | 4.7% | 6.8% |
|---|
| Gross Margin | 23.9% | 23.9% | 25.9% | 27.7% | 26.6% | 24.6% |
|---|
| Debt/Equity | 1.14 | 1.14 | 0.90 | 1.00 | 1.06 | 1.02 |
|---|
| Dividends/Share | $1.40 | $1.40 | $1.40 | $1.40 | $1.32 | $1.25 |
|---|
| Operating Income | -1.6B | -1.6B | 1.4B | 853M | 1.1B | 1.6B |
|---|
| Operating Margin | -14.4% | -14.4% | 11.8% | 7.1% | 8.8% | 13.8% |
|---|
| ROE | -30.1% | -25.1% | 13.3% | 4.0% | 7.8% | 10.2% |
|---|
| Shares Outstanding | 479M | 479M | 480M | 482M | 481M | 483M |
|---|
CONAGRA BRANDS INC. (CAG) has a debt-to-equity ratio of 1.14. This indicates moderate leverage.
CONAGRA BRANDS INC. (CAG) reported earnings per share (EPS) of $-4.00 in its most recent fiscal year.
CONAGRA BRANDS INC. (CAG) has a return on equity (ROE) of -25.1%. A negative ROE may indicate losses or negative equity.
CONAGRA BRANDS INC. (CAG) has a 5-year average gross margin of 25.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for CONAGRA BRANDS INC. (CAG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CONAGRA BRANDS INC. (CAG) has a book value per share of $13.27, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects positive organic net sales growth in the second half of fiscal 2026 driven by volume momentum in frozen and snacks categories, easier year-ago comparisons, return to full merchandising, and a full innovation slate, with consumption and shipment trends expected to normalize in Q4. The company anticipates margin expansion following fiscal 2026, supported by core productivity running at approximately 5%, ongoing portfolio reshaping for faster growth and better margins, and eventual inflation relief expected to return closer to historical 2% levels. Management is investing in supply chain resiliency and infrastructure, including baked and fried chicken production modernization, while maintaining a disciplined approach to targeted pricing in inflation-exposed categories such as canned goods, with expected elasticity effects consistent with historical patterns. The company expects to maintain strong free cash flow conversion at approximately 90% of earnings, supporting continued debt paydown and capital investments, though management acknowledges near-term visibility challenges given current macroeconomic volatility and geopolitical uncertainties affecting commodity costs and tariff dynamics.