Conagra Brands vs Hershey
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KIRA’s take AI analyst
I put Conagra Brands and Hershey side by side, using each one’s latest annual report. Here is what stands out:
- Hershey is the larger business, with $11.7B of revenue in fiscal 2025 against $11.3B for Conagra Brands.
- Hershey grew revenue faster (4.4%, against −2.9%).
- Hershey kept more of each dollar of sales as operating profit (12.3% operating margin, against −14.4%).
- Hershey turned more of its sales into free cash flow (15.6% FCF margin, against 8.7%).
- Hershey earned a higher return on the capital invested in it (11.5%, against −8.3%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Conagra Brands
CAG
0/8
Hershey
HSY
8/8
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | CAG FY26 | HSY FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.0B | — |
| Revenue | $11.3B | $11.7B |
| Free cash flow | $979M | $1.8B |
| Net income | −$1.9B | $883M |
| Growth | ||
| Revenue growth | −2.9% | 4.4% |
| 5-year growth | 0.2% | 7.5% |
| Share count change | −0.2% | — |
| Profitability | ||
| Gross margin | 23.9% | 33.6% |
| Operating margin | −14.4% | 12.3% |
| Net margin | −17.0% | 7.6% |
| FCF margin | 8.7% | 15.6% |
| Return on capital | −8.3% | 11.5% |
| Return on equity | −25.1% | 18.9% |
| Balance sheet | ||
| Net debt | $7.3B | $4.5B |
| Net debt / EBITDA | — | 2.3x |
| Dividends and buybacks | $685M | $1.1B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | — |
Ten years
Revenue
FY17
CAG $7.8B
HSY $7.5B
FY18
CAG $7.9B
HSY $7.8B
FY19
CAG $9.5B
HSY $8.0B
FY20
CAG $11.1B
HSY $8.1B
FY21
CAG $11.2B
HSY $9.0B
FY22
CAG $11.5B
HSY $10.4B
FY23
CAG $12.3B
HSY $11.2B
FY24
CAG $12.1B
HSY $11.2B
FY25
CAG $11.6B
HSY $11.7B
FY26
CAG $11.3B
HSY —
CAG
HSY
Operating margin
FY17
CAG 15.8%
HSY 17.5%
FY18
CAG 17.8%
HSY 20.8%
FY19
CAG 17.2%
HSY 20.0%
FY20
CAG 16.4%
HSY 21.9%
FY21
CAG 19.1%
HSY 22.8%
FY22
CAG 13.8%
HSY 21.7%
FY23
CAG 8.8%
HSY 22.9%
FY24
CAG 7.1%
HSY 25.9%
FY25
CAG 11.8%
HSY 12.3%
FY26
CAG −14.4%
HSY —
CAG
HSY
Free cash flow
FY17
CAG $928M
HSY $992M
FY18
CAG $703M
HSY $1.3B
FY19
CAG $772M
HSY $1.4B
FY20
CAG $1.5B
HSY $1.3B
FY21
CAG $962M
HSY $1.6B
FY22
CAG $713M
HSY $1.8B
FY23
CAG $633M
HSY $1.6B
FY24
CAG $1.6B
HSY $1.9B
FY25
CAG $1.3B
HSY $1.8B
FY26
CAG $979M
HSY —
CAG
HSY
Return on capital
FY17
CAG 11.1%
HSY 25.6%
FY18
CAG 16.6%
HSY 30.5%
FY19
CAG 9.9%
HSY 24.2%
FY20
CAG 8.3%
HSY 26.7%
FY21
CAG 10.7%
HSY 25.5%
FY22
CAG 6.7%
HSY 25.7%
FY23
CAG 4.5%
HSY 27.2%
FY24
CAG 2.8%
HSY 29.6%
FY25
CAG 7.9%
HSY 11.5%
FY26
CAG −8.3%
HSY —
CAG
HSY
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.