Conagra Brands 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 $11.3B for Conagra Brands.
- Hormel Foods grew revenue faster (1.6%, against −2.9%).
- Hormel Foods kept more of each dollar of sales as operating profit (5.9% operating margin, against −14.4%).
- Conagra Brands turned more of its sales into free cash flow (8.7% FCF margin, against 4.4%).
- Hormel Foods earned a higher return on the capital invested in it (5.1%, against −8.3%).
| Latest fiscal year | CAG · FY26 | HRL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.1B | $11.6B |
| Revenue | $11.3B | $12.1B |
| Free cash flow | $979M | $534M |
| Net income | −$1.9B | $478M |
| Growth | ||
| Revenue growth | −2.9% | 1.6% |
| 5-year growth | 0.2% | 4.7% |
| Share count change | −0.2% | 0.3% |
| Profitability | ||
| Gross margin | 23.9% | 15.6% |
| Operating margin | −14.4% | 5.9% |
| Net margin | −17.0% | 4.0% |
| FCF margin | 8.7% | 4.4% |
| Return on capital | −8.3% | 5.1% |
| Return on equity | −25.1% | 6.0% |
| Balance sheet | ||
| Net debt | $7.3B | $2.2B |
| Net debt / EBITDA | — | 2.2x |
| Dividends and buybacks | $685M | $633M |
| Valuation & quality | ||
| P/E | — | 33.4x |
| Piotroski F-score | 5 | 5 |
Revenue
FY17
CAG $7.8B
HRL $9.2B
FY18
CAG $7.9B
HRL $9.5B
FY19
CAG $9.5B
HRL $9.5B
FY20
CAG $11.1B
HRL $9.6B
FY21
CAG $11.2B
HRL $11.4B
FY22
CAG $11.5B
HRL $12.5B
FY23
CAG $12.3B
HRL $12.1B
FY24
CAG $12.1B
HRL $11.9B
FY25
CAG $11.6B
HRL $12.1B
FY26
CAG $11.3B
HRL —
CAG
HRL
Operating margin
FY17
CAG 15.8%
HRL 13.9%
FY18
CAG 17.8%
HRL 12.4%
FY19
CAG 17.2%
HRL 12.6%
FY20
CAG 16.4%
HRL 11.5%
FY21
CAG 19.1%
HRL 9.9%
FY22
CAG 13.8%
HRL 10.5%
FY23
CAG 8.8%
HRL 8.9%
FY24
CAG 7.1%
HRL 9.0%
FY25
CAG 11.8%
HRL 5.9%
FY26
CAG −14.4%
HRL —
CAG
HRL
Free cash flow
FY17
CAG $928M
HRL $813M
FY18
CAG $703M
HRL $852M
FY19
CAG $772M
HRL $629M
FY20
CAG $1.5B
HRL $761M
FY21
CAG $962M
HRL $770M
FY22
CAG $713M
HRL $856M
FY23
CAG $633M
HRL $778M
FY24
CAG $1.6B
HRL $1.0B
FY25
CAG $1.3B
HRL $534M
FY26
CAG $979M
HRL —
CAG
HRL
Return on capital
FY17
CAG 11.1%
HRL —
FY18
CAG 16.6%
HRL 19.2%
FY19
CAG 9.9%
HRL 17.2%
FY20
CAG 8.3%
HRL 15.6%
FY21
CAG 10.7%
HRL 11.6%
FY22
CAG 6.7%
HRL 10.5%
FY23
CAG 4.5%
HRL 8.3%
FY24
CAG 2.8%
HRL 8.1%
FY25
CAG 7.9%
HRL 5.1%
FY26
CAG −8.3%
HRL —
CAG
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.