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Conagra Brands

CAG NYSE Packaged Foods & Meats Financials FY2017–FY2026

Conagra Brands' revenue fell 2.9% to $11.3 billion in fiscal 2026. Its operating margin was −14.4%, down from 11.8% a year earlier. Free cash flow was $979 million, down 24.9%. It paid out $685 million in dividends and buybacks, 70% of free cash flow. The diluted share count fell 0.1%.

Last close · Oct 23, 2026

$14.86

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$11.3B
2.9% vs prior year
Operating margin Operating income as a share of revenue.
−14.4%
26.2 pts
Net income Profit after all expenses, interest and tax.
−$1.9B
266.3%
Free cash flow Cash from operations minus capital spending.
$979M
24.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−8.3%
16.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Conagra's fiscal 2026 operating loss made its EBITDA negative, so net debt to EBITDA is blank for that year.

What Conagra Brands does

Conagra Brands, based in Chicago, makes packaged food that people buy in grocery stores and that restaurants and other food service businesses use. Its brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim and Angie's BOOMCHICKAPOP. It began as a flour-milling company in 1919 and now focuses on branded consumer foods. Some products are sold under licensed names, such as P.F. Chang's, Bertolli and Wendy's.

It has four segments. Grocery & Snacks sells shelf-stable foods in the US. Refrigerated & Frozen sells chilled and frozen foods in the US. International sells branded food outside the US. Foodservice sells meals, sauces and custom-made foods to restaurants and similar customers, mostly in the US. It also holds an equity stake in Ardent Mills, a flour-milling joint venture.

Its biggest customer, Walmart and its affiliates, was about 29% of net sales in fiscal 2026. Conagra competes against widely advertised brands and store-brand products, and says some competitors are larger. Its raw materials are mostly commodities. It had about 17,400 employees on May 31, 2026, mostly in the United States.

Legal name
CONAGRA BRANDS, INC.
Fiscal year ends
May 31, 2026
Latest annual report
10-K · Jul 15, 2026
Accession · CIK
0001104659-26-083905
0000023217

Revenue and margins

Conagra Brands had $11.3B of revenue in fiscal 2026, down 2.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $979M in fiscal 2026, 8.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Conagra Brands returned $685M to shareholders in fiscal 2026, 70% of free cash flow. The diluted share count fell 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Conagra Brands yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$7.3B and divides by 479.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Conagra Brands can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $83.3M$93.3M$77.7M$68.0M$218M
Debt incl. finance leases $9.1B$9.3B$8.7B$8.3B$7.5B
Net debt / EBITDA 4.6x6.4x6.9x4.7x—
Debt / equity 1.0x1.1x1.0x0.9x1.2x
Interest coverage 4.0x2.6x1.9x3.2x−4.4x
Current ratio 0.9x0.8x1.0x0.7x0.9x
Quick ratio 0.3x0.3x0.4x0.2x0.3x
Total assets $22.4B$22.1B$20.9B$20.9B$17.3B
Total liabilities $13.6B$13.2B$12.4B$12.0B$10.9B
Shareholders' equity $8.8B$8.7B$8.4B$8.9B$6.4B
Net debt (− = net cash) $9.0B$9.3B$8.6B$8.3B$7.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.1M

3 insiders

Sold, 12 months

$0.2M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jul 17, 2026 John P BrasePresident and CEO, Director Bought 35,000 $14.59 $0.5M Form 4
Apr 14, 2026 John J MulliganDirector Bought 17,500 $14.31 $0.3M Form 4
Apr 14, 2026 Richard H LennyDirector Bought 25,000 $14.34 $0.4M Form 4
Nov 4, 2025 Melissa C. NapierSVP, Corporate Controller Sold 13,011 $17.19 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 7 / 97 / 95 / 9
Accruals ratio −7.8%−2.6%−17.4%
Altman Z'' 1.951.880.65

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Conagra Brands CAG $7.1B −2.9% −14.4% 8.7% −8.3% — 5
Hershey HSY — 4.4% 12.3% 15.6% 11.5% — — Compare →
Hormel Foods HRL $11.6B 1.6% 5.9% 4.4% 5.1% 33.4x 5 Compare →
Campbell's CPB $6.2B −5.0% 8.7% 7.0% 6.2% — 5 Compare →
J.M. Smucker SJM — 3.7% 4.0% 12.8% 2.2% 60.7x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $7.8B $7.9B $9.5B $11.1B $11.2B $11.5B $12.3B $12.1B $11.6B $11.3B
Gross profit $2.3B $2.4B $2.7B $3.1B $3.2B $2.8B $3.3B $3.3B $3.0B $2.7B
Research and development $44.6M $47.3M $56.1M $56.4M $51.3M $53.4M $57.7M $61.4M $60.8M $62.7M
Operating income $1.2B $1.4B $1.6B $1.8B $2.1B $1.6B $1.1B $853M $1.4B −$1.6B
Interest expense $224M $165M $376M $495M $446M $394M $416M $444M $427M $374M
Pretax income $801M $972M $899M $1.0B $1.5B $1.2B $902M $610M $1.2B −$1.8B
Income tax $255M $175M $219M $201M $194M $291M $219M $263M $3.7M $91.8M
Net income $639M $808M $678M $840M $1.3B $888M $684M $347M $1.2B −$1.9B
Diluted EPS $1.46 $1.98 $1.52 $1.72 $2.66 $1.84 $1.42 $0.72 $2.40 −$4.00
Diluted shares 0.44B 0.41B 0.45B 0.49B 0.49B 0.48B 0.48B 0.48B 0.48B 0.48B
Cash flow
Cash from operations $1.2B $954M $1.1B $1.8B $1.5B $1.2B $995M $2.0B $1.7B $1.4B
Capital expenditure $242M $252M $353M $370M $506M $464M $362M $388M $389M $423M
Free cash flow $928M $703M $772M $1.5B $962M $713M $633M $1.6B $1.3B $979M
Depreciation and amortization $268M $257M $333M $389M $388M $375M $370M $401M $390M $396M
Stock-based compensation $36.1M $37.9M $33.7M $59.2M $63.9M $26.1M $79.2M $30.8M $41.5M $54.7M
Acquisitions $326M $337M $5.1B $0.0M $0.0M $0.0M $0.0M $0.0M $231M $0.0M
Share buybacks $1.0B $967M $0.0M $0.0M $298M $50.0M $150M $0.0M $64.0M $15.3M
Dividends paid $415M $342M $356M $414M $475M $582M $624M $659M $669M $670M
Dividends and buybacks $1.4B $1.3B $356M $414M $773M $632M $774M $659M $733M $685M
Balance sheet
Cash and short-term investments $251M $128M $237M $553M $79.2M $83.3M $93.3M $77.7M $68.0M $218M
Total debt $3.0B $3.5B $10.7B $9.8B $9.0B $9.0B $9.2B $8.4B $8.1B $7.3B
Finance lease liabilities $6.7M $0.0M $0.0M $155M $139M $131M $113M $274M $267M $240M
Current assets $2.0B $1.9B $2.7B $2.9B $2.7B $3.0B $3.4B $3.1B $3.1B $2.9B
Current liabilities $1.7B $2.3B $2.1B $3.3B $3.3B $3.5B $4.4B $3.2B $4.3B $3.2B
Inventory $928M $989M $1.5B $1.4B $1.7B $2.0B $2.2B $2.0B $2.0B $1.9B
Property and equipment, net $1.6B $1.6B $2.3B $2.4B $2.6B $2.7B $2.7B $2.8B $2.8B $2.9B
Total assets $10.1B $10.4B $22.2B $22.3B $22.2B $22.4B $22.1B $20.9B $20.9B $17.3B
Total liabilities $6.0B $6.6B $14.8B $14.4B $13.6B $13.6B $13.2B $12.4B $12.0B $10.9B
Shareholders' equity $4.0B $3.7B $7.4B $7.9B $8.6B $8.8B $8.7B $8.4B $8.9B $6.4B
Margins
Gross margin 30.0% 29.6% 27.8% 27.8% 28.4% 24.6% 26.6% 27.7% 25.9% 23.9%
Operating margin 15.8% 17.8% 17.2% 16.4% 19.1% 13.8% 8.8% 7.1% 11.8% −14.4%
EBITDA margin 19.3% 21.0% 20.7% 19.9% 22.6% 17.0% 11.8% 10.4% 15.1% −10.9%
Net margin 8.2% 10.2% 7.1% 7.6% 11.6% 7.7% 5.6% 2.9% 9.9% −17.0%
FCF margin 11.9% 8.9% 8.1% 13.3% 8.6% 6.2% 5.2% 13.5% 11.2% 8.7%
Returns
Return on capital 11.1% 16.6% 9.9% 8.3% 10.7% 6.7% 4.5% 2.8% 7.9% −8.3%
Return on capital employed 12.9% 17.2% 11.7% 9.3% 11.3% 8.4% 5.9% 4.8% 8.0% −10.6%
Return on equity 16.6% 21.1% 12.3% 11.0% 15.8% 10.2% 7.8% 4.0% 13.3% −25.1%
Return on assets 5.4% 7.9% 4.2% 3.8% 5.8% 4.0% 3.1% 1.6% 5.5% −10.0%
Growth
Revenue growth 421.8% 1.4% 20.2% 15.9% 1.2% 3.1% 6.4% −1.8% −3.6% −2.9%
Net income growth — 26.5% −16.1% 23.9% 54.6% −31.6% −23.0% −49.2% 231.9% −266.3%
EPS growth — 35.6% −23.2% 13.2% 54.7% −30.8% −22.8% −49.3% 233.3% −266.7%
FCF growth −5.5% −24.3% 9.9% 90.7% −34.7% −25.9% −11.2% 157.0% −20.0% −24.9%
Share count change −0.6% −6.6% 9.4% 9.7% −0.2% −1.2% −0.3% −0.2% −0.1% −0.2%
Financial health
Net debt / EBITDA 1.8x 2.0x 5.3x 4.2x 3.6x 4.6x 6.4x 6.9x 4.7x —
Debt / equity 0.8x 1.0x 1.5x 1.3x 1.1x 1.0x 1.1x 1.0x 0.9x 1.2x
Interest coverage 5.5x 8.6x 4.4x 3.7x 4.8x 4.0x 2.6x 1.9x 3.2x −4.4x
Current ratio 1.2x 0.8x 1.3x 0.9x 0.8x 0.9x 0.8x 1.0x 0.7x 0.9x
Quick ratio 0.6x 0.4x 0.6x 0.5x 0.3x 0.3x 0.3x 0.4x 0.2x 0.3x
Capital allocation
Capex / revenue 3.1% 3.2% 3.7% 3.3% 4.5% 4.0% 3.0% 3.2% 3.4% 3.8%
Stock comp / revenue 0.5% 0.5% 0.4% 0.5% 0.6% 0.2% 0.7% 0.3% 0.4% 0.5%
Payouts / FCF 152.5% 186.4% 46.1% 28.1% 80.4% 88.6% 122.2% 40.5% 56.3% 70.0%
Quality scores
Piotroski F-score 8.0 6.0 5.0 4.0 8.0 7.0 6.0 7.0 7.0 5.0
Altman Z'' 3.1 2.8 1.9 1.8 2.1 2.0 1.7 2.0 1.9 0.7
Accruals ratio −4.5% −1.4% −2.7% −4.5% −0.8% −1.3% −1.4% −7.8% −2.6% −17.4%

Source: SEC EDGAR XBRL filings (CIK 0000023217). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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