Campbell's vs Hormel Foods
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The short version
- Hormel Foods is the larger business, with $12.1B of revenue in fiscal 2025 against $9.7B for Campbell's.
- Hormel Foods grew revenue faster (1.6%, against −5.0%).
- Campbell's kept more of each dollar of sales as operating profit (8.7% operating margin, against 5.9%).
- Campbell's turned more of its sales into free cash flow (7.0% FCF margin, against 4.4%).
- Campbell's earned a higher return on the capital invested in it (6.2%, against 5.1%).
| Latest fiscal year | CPB · FY26 | HRL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.2B | $11.6B |
| Revenue | $9.7B | $12.1B |
| Free cash flow | $678M | $534M |
| Net income | $403M | $478M |
| Growth | ||
| Revenue growth | −5.0% | 1.6% |
| 5-year growth | 2.8% | 4.7% |
| Share count change | 0.0% | 0.3% |
| Profitability | ||
| Gross margin | 28.1% | 15.6% |
| Operating margin | 8.7% | 5.9% |
| Net margin | 4.1% | 4.0% |
| FCF margin | 7.0% | 4.4% |
| Return on capital | 6.2% | 5.1% |
| Return on equity | 10.4% | 6.0% |
| Balance sheet | ||
| Net debt | $6.7B | $2.2B |
| Net debt / EBITDA | 5.3x | 2.2x |
| Dividends and buybacks | $496M | $633M |
| Valuation & quality | ||
| P/E | — | 33.4x |
| Piotroski F-score | 5 | 5 |
Revenue
FY17
CPB $5.8B
HRL $9.2B
FY18
CPB $6.6B
HRL $9.5B
FY19
CPB $8.1B
HRL $9.5B
FY20
CPB $8.7B
HRL $9.6B
FY21
CPB $8.5B
HRL $11.4B
FY22
CPB $8.6B
HRL $12.5B
FY23
CPB $9.4B
HRL $12.1B
FY24
CPB $9.6B
HRL $11.9B
FY25
CPB $10.3B
HRL $12.1B
FY26
CPB $9.7B
HRL —
CPB
HRL
Operating margin
FY17
CPB 24.5%
HRL 13.9%
FY18
CPB 15.3%
HRL 12.4%
FY19
CPB 12.1%
HRL 12.6%
FY20
CPB 12.7%
HRL 11.5%
FY21
CPB 18.2%
HRL 9.9%
FY22
CPB 13.6%
HRL 10.5%
FY23
CPB 14.0%
HRL 8.9%
FY24
CPB 10.4%
HRL 9.0%
FY25
CPB 11.0%
HRL 5.9%
FY26
CPB 8.7%
HRL —
CPB
HRL
Free cash flow
FY17
CPB $950M
HRL $813M
FY18
CPB $898M
HRL $852M
FY19
CPB $1.0B
HRL $629M
FY20
CPB $1.1B
HRL $761M
FY21
CPB $760M
HRL $770M
FY22
CPB $939M
HRL $856M
FY23
CPB $773M
HRL $778M
FY24
CPB $668M
HRL $1.0B
FY25
CPB $705M
HRL $534M
FY26
CPB $678M
HRL —
CPB
HRL
Return on capital
FY17
CPB 19.8%
HRL —
FY18
CPB 11.0%
HRL 19.2%
FY19
CPB 7.3%
HRL 17.2%
FY20
CPB 9.8%
HRL 15.6%
FY21
CPB 14.5%
HRL 11.6%
FY22
CPB 11.2%
HRL 10.5%
FY23
CPB 12.3%
HRL 8.3%
FY24
CPB 7.9%
HRL 8.1%
FY25
CPB 7.9%
HRL 5.1%
FY26
CPB 6.2%
HRL —
CPB
HRL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.