Conagra Brands

CAG · NYSE · Consumer Staples · Financials, fiscal 2017 to 2026

CAG · Last close · October 26, 2026

$14.58

Conagra Brands' revenue fell 2.9% to $11.3 billion in fiscal 2026. Its operating margin was −14.4%, down from 11.8% a year earlier. Free cash flow was $979 million, down 24.9%. It paid out $685 million in dividends and buybacks, 70% of free cash flow. The diluted share count fell 0.1%.

CONAGRA BRANDS, INC. Latest fiscal year ended May 31, 2026 10-K filed July 15, 2026 · 0001104659-26-083905 Updated October 11, 2026

Revenue

$11.3B

2.9%

Operating margin

−14.4%

26.2 pts

Net income

−$1.9B

$1.2B a year earlier

Free cash flow

$979M

24.9%

Return on capital

−8.3%

16.3 pts

Market cap

$7.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Conagra's fiscal 2026 operating loss made its EBITDA negative, so net debt to EBITDA is blank for that year.

What Conagra Brands does

Conagra Brands, based in Chicago, makes packaged food that people buy in grocery stores and that restaurants and other food service businesses use. Its brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim and Angie's BOOMCHICKAPOP. It began as a flour-milling company in 1919 and now focuses on branded consumer foods. Some products are sold under licensed names, such as P.F. Chang's, Bertolli and Wendy's.

It has four segments. Grocery & Snacks sells shelf-stable foods in the US. Refrigerated & Frozen sells chilled and frozen foods in the US. International sells branded food outside the US. Foodservice sells meals, sauces and custom-made foods to restaurants and similar customers, mostly in the US. It also holds an equity stake in Ardent Mills, a flour-milling joint venture.

Its biggest customer, Walmart and its affiliates, was about 29% of net sales in fiscal 2026. Conagra competes against widely advertised brands and store-brand products, and says some competitors are larger. Its raw materials are mostly commodities. It had about 17,400 employees on May 31, 2026, mostly in the United States.

Its biggest risks, as it describes them

Higher costs for ingredients, packaging, labor and energy that it may not be able to pass on in prices.
Changes in trade policy and tariffs.
Product recalls, product liability and labeling claims.
Changes in its relationship with major customers, especially its largest customer.
Debt that limits the cash it has for the business and for returns to shareholders.

From Conagra Brands's annual report on Form 10-K, filed July 15, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 6.4% a year and net income 7.6% a year, as new shares raised the share count by 10% and diluted each share's earnings. Conagra Brands then lost money in fiscal 2026.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Conagra Brands yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Conagra Brands' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Conagra Brands' fiscal 2026 free cash flow of $979M, net cash of −$7.3B at May 31, 2026 and 479 million diluted shares, from its filings. The scenarios are fitted to Conagra Brands: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -2.8% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Packaged Foods & Meats), plus 1 point as a smaller company, worth $7.0B, plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at May 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Conagra Brands's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 10% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $14.58
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Conagra Brands' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	83	93	78	68	218
Debt incl. finance leases	9,116	9,349	8,712	8,332	7,505
Net debt (negative means net cash)	9,032	9,256	8,634	8,264	7,287
Net debt to EBITDA	4.6x	6.4x	6.9x	4.7x	—
Debt to equity	1.0x	1.1x	1.0x	0.9x	1.2x
Interest coverage	4.0x	2.6x	1.9x	3.2x	−4.3x
Current ratio	0.9x	0.8x	1.0x	0.7x	0.9x
Quick ratio	0.3x	0.3x	0.4x	0.2x	0.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $1.1 million of Conagra Brands shares on the open market, and 1 insider sold $223,659.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 17, 2026	John P BrasePresident and CEO, Director	Bought	35,000	$14.59	$510,650	Form 4
Apr 14, 2026	Richard H LennyDirector	Bought	25,000	$14.34	$358,500	Form 4
Apr 14, 2026	John J MulliganDirector	Bought	17,500	$14.31	$250,425	Form 4
Nov 4, 2025	Melissa C. NapierSVP, Corporate Controller	Sold	13,011	$17.19	$223,659	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	7 of 9	7 of 9	5 of 9
Accruals ratio	−7.8%	−2.6%	−17.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Conagra Brands side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Conagra Brands	FY26	−2.9%	−14.4%	8.7%	−8.3%	—	5
Hershey	FY25	4.4%	12.3%	15.6%	11.5%	2.3x	—	Compare
Hormel Foods	FY25	1.6%	5.9%	4.4%	5.1%	2.2x	5	Compare
Campbell's	FY26	−5.0%	8.7%	7.0%	6.2%	5.3x	5	Compare
J.M. Smucker	FY26	3.7%	4.0%	12.8%	2.2%	7.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	7,827	7,938	9,538	11,054	11,185	11,536	12,277	12,051	11,613	11,282
Revenue growth	421.8%	1.4%	20.2%	15.9%	1.2%	3.1%	6.4%	−1.8%	−3.6%	−2.9%
Gross profit	2,344	2,352	2,653	3,070	3,179	2,839	3,265	3,333	3,004	2,698
Research and development	45	47	56	56	51	53	58	61	61	63
Operating income	1,240	1,412	1,642	1,816	2,141	1,588	1,075	853	1,365	−1,628
Net income	639	808	678	840	1,299	888	684	347	1,152	−1,916
Diluted EPS (US$)	1.46	1.98	1.52	1.72	2.66	1.84	1.42	0.72	2.40	−4.00
Diluted shares (millions)	436	407	446	489	488	482	481	480	480	479
Cash flow
Cash from operations	1,170	954	1,126	1,843	1,468	1,177	995	2,016	1,692	1,402
Capital expenditure	242	252	353	370	506	464	362	388	389	423
Free cash flow	928	703	772	1,473	962	713	633	1,628	1,303	979
Dividends paid	415	342	356	414	475	582	624	659	669	670
Share buybacks	1,000	967	0	0	298	50	150	0	64	15
Acquisitions	326	337	5,119	0	0	0	0	0	231	0
Stock-based compensation	36	38	34	59	64	26	79	31	42	55
Balance sheet at fiscal year end
Cash and short-term investments	251	128	237	553	79	83	93	78	68	218
Debt incl. finance leases	2,977	3,540	10,681	9,906	9,146	9,116	9,349	8,712	8,332	7,505
Total assets	10,096	10,390	22,214	22,304	22,196	22,435	22,053	20,862	20,934	17,274
Total liabilities	6,018	6,633	14,750	14,353	13,564	13,573	13,245	12,351	12,001	10,917
Shareholders' equity	3,991	3,676	7,385	7,876	8,552	8,788	8,737	8,440	8,933	6,358
Margins and ratios
Gross margin	29.9%	29.6%	27.8%	27.8%	28.4%	24.6%	26.6%	27.7%	25.9%	23.9%
Operating margin	15.8%	17.8%	17.2%	16.4%	19.1%	13.8%	8.8%	7.1%	11.8%	−14.4%
Net margin	8.2%	10.2%	7.1%	7.6%	11.6%	7.7%	5.6%	2.9%	9.9%	−17.0%
Free cash flow margin	11.9%	8.8%	8.1%	13.3%	8.6%	6.2%	5.2%	13.5%	11.2%	8.7%
Return on capital	11.1%	16.6%	9.9%	8.3%	10.7%	6.7%	4.5%	2.8%	7.9%	−8.3%
Return on equity	16.6%	21.1%	12.3%	11.0%	15.8%	10.2%	7.8%	4.0%	13.3%	−25.1%
Return on assets	5.4%	7.9%	4.2%	3.8%	5.8%	4.0%	3.1%	1.6%	5.5%	−10.0%
Net debt to EBITDA	1.8x	2.0x	5.3x	4.2x	3.6x	4.6x	6.4x	6.9x	4.7x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Conagra Brands' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Conagra Brands.