Campbell's vs Hormel Foods
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KIRA’s take AI analyst
I put Campbell's and Hormel Foods side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Campbell's
CPB
7/11
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityShare count change
Hormel Foods
HRL
3/11
Revenue growth5-year growthNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | CPB FY26 | HRL FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.2B | $11.5B |
| 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 | — | 33.3x |
| 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.