Conagra Brands, Inc. CAG

Consumer StaplesFood & TobaccoUnited States of America

Last close 14.57 USD on Nov 1, 2026, −11.1% year to date

Quant rating

Quant rating C Rank 79 of 124 in Consumer Staples

Growth D 90 of 124
Valuation B 47 of 124
Quality D 97 of 124
Revisions B 23 of 124
Momentum C 84 of 124

Wall Street consensus Hold (3.28)Average target 13.61 USD −6.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.0B
Enterprise value: 14.3B
52-week range: 12.53 – 20.32
3-year range: 12.53 – 32.83
Dividend yield: 4.80%
Beta (5 years): 0.02
Shares outstanding: 477M
Next earnings: Dec 17, 2026

About the company

Conagra Brands, Inc. is a branded food company. The Company’s segments include Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. The Grocery & Snacks segment includes branded, shelf-stable food products sold in various retail channels in the United States. The Refrigerated & Frozen segment includes branded, temperature-controlled food products sold in various retail channels in the United States. The International segment includes branded food products in various temperature states, sold in various retail and foodservice channels outside the United States. The Foodservice segment includes branded and customized food products, including meals, entrees, sauces, and a variety of custom-manufactured culinary products that are packaged for sale to restaurants and other foodservice establishments primarily in the United States. Its brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim, Angie's BOOMCHICKAPOP, and others.

Growth and profitability fiscal year ends May 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	11,282	11,613	12,051	12,277	11,536	–
Revenue growth	−2.9%	−3.6%	−1.8%	6.4%	3.1%	0.2%
EPS (basic, normalized)	1.72	2.30	2.67	2.77	2.36	–
EPS growth	−25.2%	−13.9%	−3.6%	17.4%	–	–
Gross margin	24.0%	26.0%	27.7%	26.6%	24.9%	25.8%
Net margin	−17.0%	9.9%	2.9%	5.6%	7.7%	1.8%
ROE	−25.1%	13.3%	4.0%	7.8%	10.2%	2.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	372
Current ratio	1.10x
Long-term debt (mil)	6,940
Net debt (mil)	7,388
Total equity (mil)	6,405
Net debt / equity	1.15x
Net debt / EBITDA	4.01x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	11,282	−2.9%	1.3x	1,840	−14.3%	7.8x	1.72	−25.2%	8.5x
2027	10,827	−4.0%	1.3x	1,571	−14.6%	9.1x	1.46	−15.1%	10.0x
2028	10,790	−0.3%	1.3x	1,600	+1.8%	9.0x	1.50	+2.6%	9.7x
2029	10,887	+0.9%	1.3x	1,636	+2.3%	8.8x	1.58	+5.4%	9.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	10,827	−0.1%	−0.2%	−2.9%	1.46	+0.8%	+0.9%	−14.0%
2028	10,790	−0.2%	−0.3%	−4.4%	1.50	+0.1%	−0.2%	−16.8%
2029	10,887	−0.2%	−0.2%	−5.2%	1.58	−0.7%	−0.4%	−19.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	2,906	2,795	3,195	2,841	2,782	2,633	2,979	2,788	2,882	2,596
Sales mean (mil)	2,931	2,844	3,149	2,903	2,834	2,615	2,983	2,763	2,888	2,589
Surprise	−0.9%	−1.7%	+1.5%	−2.1%	−1.8%	+0.7%	−0.1%	+0.9%	−0.2%	+0.3%
EPS reported	0.61	0.53	0.70	0.51	0.56	0.39	0.45	0.39	0.47	0.41
EPS mean	0.57	0.60	0.67	0.53	0.58	0.33	0.44	0.40	0.46	0.28
Surprise	+6.5%	−11.0%	+3.8%	−3.3%	−3.5%	+16.9%	+3.1%	−2.6%	+2.8%	+45.3%

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CAG Conagra Brands, Inc.	7.0B	4.01x	−17.0%	1.09x	10.0x	9.7x	9.1x	9.0x
NESN Nestle SA	264.8B	–	10.1%	7.45x	19.0x	18.0x	15.3x	14.7x
MDLZ Mondelez International, Inc.	82.2B	3.14x	6.4%	3.10x	21.3x	19.3x	15.2x	14.2x
HSY The Hershey Company	33.3B	1.80x	7.6%	4.97x	19.1x	17.3x	12.4x	11.5x
KHC The Kraft Heinz Company	28.9B	2.86x	−23.4%	0.80x	11.9x	11.7x	9.2x	9.2x
TSN Tyson Foods Inc	20.1B	2.03x	0.9%	1.11x	16.2x	14.8x	8.3x	7.9x
Mean		2.77x	−2.6%	3.09x	16.2x	15.1x	11.6x	11.1x
Median		2.86x	3.6%	2.11x	17.6x	16.1x	10.8x	10.3x

Technical analysis

1M+2.9%
3M−4.5%
1Y−13.1%
3Y−35.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Conagra Brands, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	11,282	11,613	12,051	12,277	11,536	11,185
Cost of revenue	8,579	8,599	8,718	9,012	8,666	7,968
Gross profit	2,702	3,014	3,333	3,265	2,870	3,216
Selling, general & administrative expenses	1,435	1,355	1,405	1,432	1,211	1,253
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	2.3	–	–	–	–
Unusual expense (income)	2,905	292	1,075	758	316	187
Other operating expenses	0	0	0	0	−67.3	−54.5
Operating income	−1,638	1,365	853	1,075	1,410	1,831
Net interest income (expense)	−232	−234	−253	−198	−377	−420
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	45.9	25.9	10.3	24.2	0	0
Net income before taxes	−1,824	1,156	610	902	1,033	1,410
Provision for taxes	91.8	3.7	262	219	290	194
Minority interest	0	−0.1	−0.5	0.4	0	−2.1
Equity in affiliates	–	–	–	–	145	84.4
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−1,916	1,152	347	684	888	1,299
Extraordinary items	–	–	–	–	–	0
Net income	−1,916	1,152	347	684	888	1,299
EBIT, normalized	1,281	1,659	1,947	1,844	1,796	2,018
EBITDA, normalized	1,677	2,049	2,348	2,214	2,171	2,406
Basic EPS, normalized	1.72	2.30	2.67	2.77	2.36	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Conagra Brands, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	218	68.0	77.7	93.9	83.3	79.2
Receivables	658	770	872	965	867	794
Total inventory	1,905	2,048	2,083	2,232	1,940	1,734
Prepaid expenses	100	90.6	85.0	93.7	116	95.0
Other current assets	0	94.1	32.0	0	27.0	0
Total current assets	2,882	3,071	3,150	3,385	3,034	2,702
Property, plant & equipment	3,034	3,046	3,074	2,973	2,922	2,797
Goodwill	8,119	10,502	10,583	11,178	11,329	11,374
Intangibles	1,831	2,421	2,708	3,206	3,853	4,158
Long-term investments	947	937	932	998	918	842
Note receivable	–	–	–	–	–	–
Other long-term assets	461	958	416	312	379	324
Total assets	17,274	20,934	20,862	22,053	22,435	22,196
Liabilities
Accounts payable	1,513	1,590	1,494	1,529	1,865	1,656
Payable/accrued	–	–	–	–	–	–
Accrued expenses	862	891	785	754	761	920
Short-term debt	34.2	805	928	641	184	707
Current portion of long-term debt	778	1,029	20.3	1,516	707	23.1
Other current liabilities	0	2.7	14.8	0	1.7	0
Total current liabilities	3,188	4,317	3,242	4,441	3,519	3,306
Long-term debt	6,456	6,234	7,493	7,081	8,088	8,275
Minority interest	–	0	70.9	70.5	74.5	79.6
Other liabilities	1,273	1,450	1,617	1,723	1,966	1,983
Total liabilities	10,917	12,001	12,422	13,316	13,647	13,644
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,921	2,921	2,921	2,921	2,921	2,921
Additional paid-in capital	2,316	2,347	2,363	2,377	2,325	2,342
Retained earnings (accumulated deficit)	4,172	6,759	6,276	6,599	6,551	6,263
Treasury stock	−3,059	−3,111	−3,085	−3,116	−2,998	−2,980
Other equity	7.4	16.3	−35.5	−44.4	−11.2	5.8
Total equity	6,358	8,933	8,440	8,737	8,788	8,552
Total liabilities & shareholders' equity	17,274	20,934	20,862	22,053	22,435	22,196

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Conagra Brands, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−1,916	1,152	348	683	888	1,301
Depreciation, depletion & amortization	396	390	401	370	375	388
Deferred taxes	−81.5	−224	−81.1	−188	−8.7	−92.5
Non-cash items	2,833	234	1,161	758	132	77.9
Changes in working capital	171	140	187	−628	−210	−206
Cash from operations	1,402	1,693	2,015	995	1,177	1,468
Investing activities
Capital expenditures	−423	−389	−388	−362	−464	−506
Other investing cash flows	686	−153	13.1	7.3	29.5	166
Cash from investing	263	−542	−375	−355	−435	−340
Financing activities
Financing cash flow items	−9.4	2.4	−1.6	0.9	−22.4	−16.8
Cash dividends paid	−670	−669	−659	−624	−582	−475
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−837	−491	−996	−8.7	−134	−1,118
Cash from financing	−1,516	−1,158	−1,657	−632	−738	−1,610
Foreign exchange effects	1.4	−2.4	1.2	1.7	−1.3	7.7
Net change in cash	150	−9.7	−15.6	10.6	3.1	−474
Free cash flow	979	1,304	1,627	633	713	962

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.