olivLaw · US equity research
Conagra Brands, Inc. CAG
Food and Kindred Products · SIC 2000 · Vertical: Food and Kindred Products (SIC 2000)
Conagra Brands is one of North America's leading branded food companies, with net sales of more than 11 billion dollars in fiscal 2026. The first quarter of fiscal 2027 showed lower sales and a reaffirmed outlook, while high net debt keeps margin recovery in focus.
At the close of 04 Nov 2026, Conagra Brands, Inc. (CAG) stock was 15.27 USD (+5.97% on the day), with market capitalisation 7.3 bn USD, dividend yield 8.02%, beta -0.03, 52-week range 12.58–20.02 USD. Latest reported quarter (Q1 2027): revenue of 2.6 bn USD (−1.4% YoY), net income of 174.3 m USD (+6.0% YoY), diluted EPS 0.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.8
- strong (55–70)
- Bollinger (20, 2)
- 13.29 – 15.24
- above the upper band · %B 1.02 · band width 13.7%
- SMA 50 / 200
- 14.59 / 15.25
- mixed trend
- MACD (12, 26, 9)
- 0.11 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.8% | −1.1% | +16.9 pp | — |
| 3 months | +1.7% | −0.5% | +2.2 pp | — |
| 6 months | +8.5% | +4.4% | +4.1 pp | — |
| Year to date | −11.8% | +12.3% | −24.1 pp | — |
| 1 year | −10.8% | +13.5% | −24.3 pp | −45.6% |
| 3 years | −45.1% | +76.4% | −121.5 pp | −72.2% |
| 5 years | −53.1% | +63.7% | −116.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 2.8 bn | 2.8 bn | 2.6 bn | 3.0 bn | 2.8 bn | 2.9 bn | 2.6 bn |
| Cost of revenue | 2.3 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.3 bn | 2.1 bn | 2.2 bn | 2.0 bn |
| Gross profit | 846.7 m | 710.3 m | 707.2 m | 640.6 m | 696.0 m | 657.7 m | 704.1 m | 618.7 m |
| SG&A | 425.2 m | 443.7 m | 333.0 m | 335.6 m | 325.1 m | 377.6 m | 401.1 m | 350.3 m |
| Operating income | 402.6 m | 239.4 m | 321.0 m | 347.4 m | -597.6 m | 280.1 m | -1.7 bn | 268.4 m |
| Depreciation & amortisation | 97.5 m | 98.3 m | 95.3 m | 95.3 m | 97.0 m | 101.4 m | 102.3 m | 97.9 m |
| Pre-tax income | 346.0 m | 189.0 m | 293.2 m | 289.1 m | -655.3 m | 229.6 m | -1.7 bn | 232.9 m |
| Income tax | 61.5 m | 43.9 m | 37.2 m | 124.6 m | 8.3 m | 29.8 m | -70.9 m | 58.6 m |
| Net income | 284.5 m | 145.1 m | 256.0 m | 164.5 m | -663.6 m | 199.8 m | -1.6 bn | 174.3 m |
| Diluted EPS | 0.59 | 0.30 | 0.53 ≈ | 0.34 | -1.39 | 0.42 | -3.37 ≈ | 0.36 |
| Operating cash flow | 485.6 m ≈ | 592.0 m ≈ | 345.7 m | 120.6 m | 210.6 m ≈ | 564.4 m ≈ | 506.5 m | -4.2 m |
| Capex | 82.4 m ≈ | 88.8 m ≈ | 85.1 m | 146.8 m | 71.8 m ≈ | 95.6 m ≈ | 109.2 m | 123.7 m |
| Dividends paid | 167.8 m ≈ | 167.1 m ≈ | 167.0 m | 167.1 m | 167.7 m ≈ | 167.4 m ≈ | 167.5 m | 167.5 m |
| Share repurchases | 0 ≈ | 0 ≈ | 0 | 15.0 m | 300.0 k ≈ | 0 ≈ | 0 | 44.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.5 bn | 11.1 bn | 11.2 bn | 11.5 bn | 12.3 bn | 12.1 bn | 11.6 bn | 11.3 bn |
| Revenue YoY | +20.2% | +15.9% | +1.2% | +3.1% | +6.4% | −1.8% | −3.6% | −2.9% |
| Net income | 678.3 m | 840.1 m | 1.3 bn | 888.2 m | 683.6 m | 347.2 m | 1.2 bn | -1.9 bn |
| Net income YoY | −16.1% | +23.9% | +54.6% | −31.6% | −23.0% | −49.2% | +231.9% | −266.3% |
| Diluted EPS | 1.52 | 1.72 | 2.66 | 1.84 | 1.42 | 0.72 | 2.40 | -4.00 |
| Diluted EPS YoY | −23.2% | +13.2% | +54.7% | −30.8% | −22.8% | −49.3% | +233.3% | −266.7% |
| net % | 7.1% | 7.6% | 11.6% | 7.7% | 5.6% | 2.9% | 9.9% | -17.0% |
| Free cash flow | 772.4 m | 1.5 bn | 961.7 m | 712.9 m | 633.2 m | 1.6 bn | 1.3 bn | 978.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 May 2026
- Cash
- 218.0 m USD
- Financial debt
- 6.5 bn USD
- Net debt
- 6.3 bn USD
- Equity
- 6.4 bn USD
- Total assets
- 17.3 bn USD
- Debt / equity
- 1.02x
- Current ratio
- 0.90x
- ROE
- -25.1%
- ROA
- -10.0%
- FCF margin
- 8.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.2 bn | 11.5 bn | 12.3 bn | 12.1 bn | 11.6 bn | 11.3 bn | SEC (XBRL)· 15 Jul 2026verified |
| Cost of revenue | 8.0 bn | 8.7 bn | 9.0 bn | 8.7 bn | 8.6 bn | 8.6 bn | SEC (XBRL)· 15 Jul 2026verified |
| Gross profit | 3.2 bn ≈ | 2.8 bn ≈ | 3.3 bn | 3.3 bn | 3.0 bn | 2.7 bn | SEC (XBRL)· 15 Jul 2026verified |
| Research & development | 51.3 m | 53.4 m | 57.7 m | 61.4 m | 60.8 m | 62.7 m | SEC (XBRL)· 15 Jul 2026verified |
| SG&A | 1.4 bn | 1.5 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 15 Jul 2026verified |
| Operating income | 2.1 bn | 1.6 bn | 1.1 bn | 852.8 m | 1.4 bn | -1.6 bn | SEC (XBRL)· 15 Jul 2026verified |
| Depreciation & amortisation | 387.7 m | 375.4 m | 369.9 m | 400.9 m | 390.2 m | 396.0 m | SEC (XBRL)· 15 Jul 2026verified |
| EBITDA | 2.5 bn ≈ | 2.0 bn ≈ | 1.4 bn ≈ | 1.3 bn ≈ | 1.8 bn ≈ | -1.2 bn ≈ | SEC (XBRL)· 15 Jul 2026derived |
| Pre-tax income | 1.5 bn | 1.2 bn | 901.9 m | 610.2 m | 1.2 bn | -1.8 bn | SEC (XBRL)· 15 Jul 2026verified |
| Income tax | 193.8 m | 290.5 m | 218.7 m | 262.5 m | 3.7 m | 91.8 m | SEC (XBRL)· 15 Jul 2026verified |
| Net income | 1.3 bn | 888.2 m | 683.6 m | 347.2 m | 1.2 bn | -1.9 bn | SEC (XBRL)· 15 Jul 2026verified |
| Diluted EPS | 2.66 | 1.84 | 1.42 | 0.72 | 2.40 | -4.00 | SEC (XBRL)· 15 Jul 2026verified |
| Weighted average diluted shares | 487.8 m | 482.2 m | 480.7 m | 480.0 m | 479.7 m | 479.0 m | SEC (XBRL)· 15 Jul 2026verified |
| Dividend per share | 1.04 | 1.25 | 1.32 | 1.40 | 1.40 | 1.40 | SEC (XBRL)· 15 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 79.2 m | 83.3 m | 93.3 m | 77.7 m | 68.0 m | 218.0 m | SEC (XBRL)· 15 Jul 2026verified |
| Inventories | 1.7 bn | 2.0 bn | 2.2 bn | 2.0 bn | 2.0 bn | 1.9 bn | SEC (XBRL)· 15 Jul 2026verified |
| Current assets | 2.7 bn | 3.0 bn | 3.4 bn | 3.1 bn | 3.1 bn | 2.9 bn | SEC (XBRL)· 15 Jul 2026verified |
| Property, plant & equipment, net | 2.6 bn | 2.7 bn | 2.7 bn | 2.8 bn | 2.8 bn | — | SEC (XBRL)· 10 Jul 2025verified |
| Goodwill | 11.3 bn | 11.3 bn | 10.9 bn | 10.3 bn | 10.5 bn | 8.1 bn | SEC (XBRL)· 15 Jul 2026verified |
| Intangibles (excl. goodwill) | 4.1 bn | 3.9 bn | 3.2 bn | 2.5 bn | 2.4 bn | 1.8 bn | SEC (XBRL)· 15 Jul 2026verified |
| Total assets | 22.2 bn | 22.4 bn | 22.1 bn | 20.9 bn | 20.9 bn | 17.3 bn | SEC (XBRL)· 15 Jul 2026verified |
| Accounts payable | 1.7 bn | 1.9 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 15 Jul 2026verified |
| Short-term debt | 707.4 m | 184.3 m | 636.3 m | 928.4 m | 804.7 m | 34.2 m | SEC (XBRL)· 15 Jul 2026verified |
| Long-term debt | 8.3 bn | 8.1 bn | 7.1 bn | 7.5 bn | 6.2 bn | 6.5 bn | SEC (XBRL)· 15 Jul 2026verified |
| Current liabilities | 3.3 bn | 3.5 bn | 4.4 bn | 3.2 bn | 4.3 bn | 3.2 bn | SEC (XBRL)· 15 Jul 2026verified |
| Total liabilities | 13.6 bn | 13.6 bn | 13.2 bn | 12.4 bn | 12.0 bn | 10.9 bn | SEC (XBRL)· 15 Jul 2026verified |
| Equity | 8.6 bn | 8.9 bn | 8.8 bn | 8.5 bn | 8.9 bn | 6.4 bn | SEC (XBRL)· 15 Jul 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 1.2 bn | 995.4 m | 2.0 bn | 1.7 bn | 1.4 bn | SEC (XBRL)· 15 Jul 2026verified |
| Capex | 506.4 m | 464.4 m | 362.2 m | 388.1 m | 389.3 m | 423.4 m | SEC (XBRL)· 15 Jul 2026verified |
| Free cash flow | 961.7 m ≈ | 712.9 m ≈ | 633.2 m ≈ | 1.6 bn ≈ | 1.3 bn ≈ | 978.7 m ≈ | SEC (XBRL)· 15 Jul 2026derived |
| Investing cash flow | -340.3 m | -434.9 m | -354.9 m | -375.0 m | -542.2 m | 262.6 m | SEC (XBRL)· 15 Jul 2026verified |
| Financing cash flow | -1.6 bn | -738.0 m | -631.6 m | -1.7 bn | -1.2 bn | -1.5 bn | SEC (XBRL)· 15 Jul 2026verified |
| Dividends paid | 474.6 m | 581.8 m | 623.8 m | 659.3 m | 669.2 m | 669.7 m | SEC (XBRL)· 15 Jul 2026verified |
| Share repurchases | 298.1 m | 50.0 m | 150.0 m | — | 64.0 m | 15.3 m | SEC (XBRL)· 15 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.3 bn USD
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 18.40 – 24.74 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)18.40 – 24.74 (Mid 21.10)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -9.5% | 42 (vs peers) | 22% |
| Net margin · Quality | -17.0% | 37 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -2.8% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.0% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 9.8% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 76.4% | 62 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial25/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality40/100 · 2/3 factors with a value
- Returns85/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CONAGRA BRANDS, INC. (CAG). Latest full fiscal year: 2026; data up to 2026-08-30.
Figures computed from the financial statements: revenue 11.3 bn USD in 2026; YoY growth -2.9%; net margin -17.0%; ROE -24.9%.
The estimated value range is 18.40–24.74 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 21.10 USD, the price of 15.27 USD leaves a potential of 38.2% (value / price − 1) and a margin of safety of 27.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 12.0%
- Shareholder yield (distributions): 9.8%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -2.8%
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA.
Versus the vertical median
Food and Kindred Products (SIC 2000) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDLZMondelez International, Inc. | 85.3 bn | 21.2 | 15.5% | 10.2% | +5.8% | +17% / −5% |
| CAGConagra Brands, Inc. | 7.3 bn | — | -24.9% | -17.0% | −2.9% | −11% / −45% |
| CPBThe Campbell’s Company | 6.9 bn | 17.8 | 10.4% | 4.1% | −5.0% | −24% / −42% |
| OTLYOatly Group AB | 5.1 bn | — | -247.9% | -17.7% | +4.7% | −34% / −55% |
| BYNDBeyond Meat, Inc. | 3.7 bn | — | — | 111.7% | −15.6% | −76% / −97% |
| STKHSteakholder Foods Ltd. | 2.3 bn | — | -266.3% | -112,470.0% | unavailable | −95% / −100% |
| FLOFlowers Foods Inc | 1.5 bn | 27.3 | 4.0% | 1.1% | unavailable | −34% / −66% |
| BRBRBellRing Brands, Inc. | 1.2 bn | 7.2 | — | 7.3% | +16.1% | −67% / −81% |
| SMPLThe Simply Good Foods Company | 1.2 bn | — | -9.6% | -11.5% | −6.5% | −32% / −66% |
| VITLVital Farms, Inc. | 450.8 m | — | -7.4% | -3.0% | +25.3% | −68% / −21% |
| UCFICN Healthy Food Tech Group Corp. | 287.8 m | 36.7 | 39.2% | 24.6% | +144.6% | −46% / unavailable |
| BGSB&G Foods, Inc. | 208.9 m | — | -15.8% | -4.0% | unavailable | −44% / −72% |
| CHSNChanson International Holding | 131.0 m | 112.0 | 0.5% | 1.0% | +0.2% | −99% / −100% |
| SOWGSow Good Inc. | 44.4 m | — | -346.4% | — | unavailable | −75% / −98% |
| MLECMoolec Science SA | 32.7 m | — | -86.4% | -130.0% | +521.5% | −86% / −100% |
| LSFLaird Superfood, Inc. | 26.9 m | — | -22.9% | -3.4% | +15.2% | −12% / +129% |
| BOFBranchOut Food Inc. | 25.9 m | — | -202.6% | -56.8% | +113.3% | −45% / +8% |
| BRLSBorealis Foods Inc. | 24.7 m | — | — | -56.5% | +8.2% | −38% / −90% |
| HAINThe Hain Celestial Group, Inc. | 13.7 m | — | -96.8% | -22.5% | −13.2% | −86% / −99% |
| NOMDNomad Foods Limited | — | — | 5.3% | 4.5% | −2.2% | +2% / −22% |
| DDCDDC Enterprise Limited | — | — | -124.4% | -123.3% | +4.6% | −96% / −100% |
1- and 3-year price returns: for CAG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Conagra Brands is one of North America's leading branded food companies, with net sales of more than 11 billion dollars in fiscal 2026 1. The first quarter of fiscal 2027 showed lower sales and a reaffirmed outlook, while high net debt keeps margin recovery in focus 3.
SWOT
Strengths
- The company has a broad portfolio of recognized brands and a long history in the food industry.
- Diversification across segments and sales channels reduces dependence on a single category.
- The stake in the Ardent Mills joint venture adds equity-method earnings.
Weaknesses
- High net debt and leverage limit financial flexibility.
- Large goodwill and brand impairments suggest some acquisitions have not delivered expected results.
- Reliance on one large customer makes sales sensitive to that distributor's decisions.
Opportunities
- Demand for wellness-oriented products could support growth in parts of the portfolio.
- Productivity and complexity-reduction programs could improve margins if delivered.
- Investment in innovation and advertising could help regain share in categories where the company has lost ground.
Threats
- Input cost inflation and tariffs could reduce margins if they cannot be offset.
- Price-sensitive consumers could trade down to cheaper products or private label.
- Product liability and labeling litigation could add costs and affect brand reputation.
Risks
- Input cost inflationhigh
The company expects continued elevated input cost inflation, which could affect earnings if it cannot be offset through pricing and productivity 1.
- High net debthigh
Leverage limits flexibility and could make refinancing more costly if market conditions worsen 3.
- Volume loss from higher pricesmedium
Price increases may reduce volumes, especially if consumers switch to cheaper alternatives 2.
- Dependence on one large customermedium
A high share of sales with one customer could make results vulnerable to changes in commercial terms 1.
- Product litigationmedium
Lawsuits over products and labeling could lead to payments and affect brand reputation 1.
Investment thesis
What would need to be true (bull case)
- If productivity and complexity-reduction programs lead to better margins, results could exceed the current outlook.
- A portfolio of well-known brands and demand for wellness products could support a recovery in volumes.
- The Ardent Mills contribution and debt reduction could support cash flow if conditions stay favorable.
What would break the thesis
- If input cost inflation stays high, margins could fall short of management's expectations.
- High net debt could limit the company's ability to invest and to absorb shocks.
- If consumers cut purchases because of prices, volumes could fall more than expected.
What to watch
- Delivery of the organic sales and adjusted margin guidancefiscal 2027
- Trend of input cost inflation and the effect of price increases on volumesQ2 2027
- Level of net debt and the leverage ratio at fiscal year endfiscal 2027
- Ardent Mills results and the equity-method contributionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Conagra Brands, Inc., headquartered in Chicago, makes and sells branded foods for North America, including Birds Eye, Duncan Hines, Healthy Choice and Slim Jim 1. The company reports in four segments: Grocery & Snacks, Refrigerated & Frozen, International and Foodservice 1. Products are sold through retail, distributors and foodservice channels 1.
In fiscal 2026 the company recorded goodwill and brand impairments of about 2.93 billion dollars, which weighed on net income 1. It also holds a stake in the Ardent Mills joint venture, a milling business that contributes through the equity method 1.
The leadership changed in 2026, with a new chief executive starting in June 2026 1. The company says its priorities include restoring margins, increasing investment and reducing complexity 3.
Segments
Market context
The company operates in a highly competitive food industry where its products compete with well-known brands, private label and customized products 1. It says it competes on quality, innovation, value, convenience and brand loyalty 1.
Walmart is the largest customer and represents a significant share of consolidated sales, which concentrates exposure to a single distributor 1. Consumer demand for wellness-oriented products and portion control is rising, according to management 1.
Trends
- Input cost pressureheadwind
Ingredient, packaging and energy costs have risen, and the company expects elevated input cost inflation in fiscal 2027 12.
- Consumer price sensitivityheadwind
Consumers react to price increases, which could reduce volumes, and the company has increased advertising to support its brands 2.
- Demand for wellness-oriented productstailwind
Consumers seek portion-controlled, high-protein and high-fiber products, a trend management says it is addressing through innovation 1.
- Debt reduction and simplificationmixed
The company is working to reduce net debt and complexity, and net debt fell versus the prior year in the first quarter 23. The effect depends on whether efficiency programs succeed.
Competitive position
The company competes directly with well-known national brands and private label products across its major categories 1. The company itself says some competitors are larger and have greater resources 1.
By category, the company says it gained dollar share in frozen vegetables, pudding, chili and frozen desserts, showing some lines compete well 2.
- National branded food companies
Well-known competitors described in the filing as larger with greater resources.
- Private label manufacturers
Private label products compete on price and value on the shelf.
- Customized food suppliers for foodservice
Competitors in the custom product segment for restaurants and institutions.
- Other frozen and branded food producers
Direct competition in frozen categories where the company says it gained share in some lines.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- AI is changing how Americans choose snacks, says ConagraCNA (Channel NewsAsia) · 23 Sept 2026 · EN
- Conagra (CAG) Bets “GLP-1 Friendly” Labels Can Offset a Shrinking Appetite for its FoodYahoo Finance — News · 12 Sept 2026 · EN
- Conagra (CAG) Faces ISS Pay Opposition. Can Turnaround Incentives Preserve Accountability?Yahoo Finance — News · 10 Sept 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 30 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Sept 2026
- Current report30 Sept 2026Results of operations · Financial statements and exhibits
- Current report28 Sept 2026Shareholder vote
- Proxy statement11 Aug 2026
- Current report28 Jul 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report28 Jul 2026Departure or appointment of officers
- Annual report15 Jul 2026
- Current report15 Jul 2026Results of operations · Financial statements and exhibits
- Current report23 Jun 2026Departure or appointment of officers
- Current report07 May 2026Amendments to articles or bylaws · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-05-31 · SEC / Conagra Brands, Inc. · 15 Jul 2026
- [2] Form 10-Q, quarter ended 2026-08-30 · SEC / Conagra Brands, Inc. · 30 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Conagra Brands, Inc. · 30 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.