Conagra Brands vs Campbell's
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KIRA’s take AI analyst
I put Conagra Brands and Campbell's side by side, using each one’s latest annual report. Here is what stands out:
- Conagra Brands is the larger business, with $11.3B of revenue in fiscal 2026 against $9.7B for Campbell's.
- Conagra Brands grew revenue faster (−2.9%, against −5.0%).
- Campbell's kept more of each dollar of sales as operating profit (8.7% operating margin, against −14.4%).
- Conagra Brands turned more of its sales into free cash flow (8.7% FCF margin, against 7.0%).
- Campbell's earned a higher return on the capital invested in it (6.2%, against −8.3%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Conagra Brands
CAG
3/10
Revenue growthFCF marginShare count change
Campbell's
CPB
6/10
5-year growthGross marginOperating marginNet marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | CAG FY26 | CPB FY26 |
|---|---|---|
| Size | ||
| Market cap | $7.0B | $6.2B |
| Revenue | $11.3B | $9.7B |
| Free cash flow | $979M | $678M |
| Net income | −$1.9B | $403M |
| Growth | ||
| Revenue growth | −2.9% | −5.0% |
| 5-year growth | 0.2% | 2.8% |
| Share count change | −0.2% | 0.0% |
| Profitability | ||
| Gross margin | 23.9% | 28.1% |
| Operating margin | −14.4% | 8.7% |
| Net margin | −17.0% | 4.1% |
| FCF margin | 8.7% | 7.0% |
| Return on capital | −8.3% | 6.2% |
| Return on equity | −25.1% | 10.4% |
| Balance sheet | ||
| Net debt | $7.3B | $6.7B |
| Net debt / EBITDA | — | 5.3x |
| Dividends and buybacks | $685M | $496M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.