Conagra Brands vs Campbell's
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The short version
- 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%).
| Latest fiscal year | CAG · FY26 | CPB · FY26 |
|---|---|---|
| Size | ||
| Market cap | $7.1B | $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 |
Revenue
FY17
CAG $7.8B
CPB $5.8B
FY18
CAG $7.9B
CPB $6.6B
FY19
CAG $9.5B
CPB $8.1B
FY20
CAG $11.1B
CPB $8.7B
FY21
CAG $11.2B
CPB $8.5B
FY22
CAG $11.5B
CPB $8.6B
FY23
CAG $12.3B
CPB $9.4B
FY24
CAG $12.1B
CPB $9.6B
FY25
CAG $11.6B
CPB $10.3B
FY26
CAG $11.3B
CPB $9.7B
CAG
CPB
Operating margin
FY17
CAG 15.8%
CPB 24.5%
FY18
CAG 17.8%
CPB 15.3%
FY19
CAG 17.2%
CPB 12.1%
FY20
CAG 16.4%
CPB 12.7%
FY21
CAG 19.1%
CPB 18.2%
FY22
CAG 13.8%
CPB 13.6%
FY23
CAG 8.8%
CPB 14.0%
FY24
CAG 7.1%
CPB 10.4%
FY25
CAG 11.8%
CPB 11.0%
FY26
CAG −14.4%
CPB 8.7%
CAG
CPB
Free cash flow
FY17
CAG $928M
CPB $950M
FY18
CAG $703M
CPB $898M
FY19
CAG $772M
CPB $1.0B
FY20
CAG $1.5B
CPB $1.1B
FY21
CAG $962M
CPB $760M
FY22
CAG $713M
CPB $939M
FY23
CAG $633M
CPB $773M
FY24
CAG $1.6B
CPB $668M
FY25
CAG $1.3B
CPB $705M
FY26
CAG $979M
CPB $678M
CAG
CPB
Return on capital
FY17
CAG 11.1%
CPB 19.8%
FY18
CAG 16.6%
CPB 11.0%
FY19
CAG 9.9%
CPB 7.3%
FY20
CAG 8.3%
CPB 9.8%
FY21
CAG 10.7%
CPB 14.5%
FY22
CAG 6.7%
CPB 11.2%
FY23
CAG 4.5%
CPB 12.3%
FY24
CAG 2.8%
CPB 7.9%
FY25
CAG 7.9%
CPB 7.9%
FY26
CAG −8.3%
CPB 6.2%
CAG
CPB
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.