olivLaw · US equity research
The Campbell's Company CPB
Food and Kindred Products · SIC 2000 · Vertical: Food and Kindred Products (SIC 2000)
The Campbell's Company makes and sells branded food and beverages, notably soups, pasta sauces, Rao's, Goldfish and Pepperidge Farm, grouped into the Meals & Beverages and Snacks segments. In fiscal 2026 net sales fell to 9.744 billion USD, and the company announced a cost savings program, a dividend reset and guidance for 2027 amid inflation and tariff pressure.
At the close of 04 Nov 2026, The Campbell's Company (CPB) stock was 23.26 USD (+5.92% on the day), with market capitalisation 6.9 bn USD, P/E 17.8 on diluted EPS of 1.31 USD over the last 12 months, dividend yield 6.71%, beta 0.03, 52-week range 18.90–31.66 USD. Latest reported quarter (Q4 2026): revenue of 2.1 bn USD (−7.9% YoY), net income of -60.0 m USD (−141.4% YoY), diluted EPS -0.20 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)
- 71.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 18.08 – 22.71
- above the upper band · %B 1.12 · band width 22.7%
- SMA 50 / 200
- 20.80 / 22.39
- mixed trend
- MACD (12, 26, 9)
- 0.51 / 0.14
- 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 | +20.5% | −1.1% | +21.6 pp | — |
| 3 months | +0.9% | −0.5% | +1.4 pp | — |
| 6 months | +11.0% | +4.4% | +6.6 pp | — |
| Year to date | −16.5% | +12.3% | −28.9 pp | — |
| 1 year | −21.9% | +13.5% | −35.5 pp | −45.6% |
| 3 years | −43.3% | +76.4% | −119.7 pp | −72.2% |
| 5 years | −42.9% | +63.7% | −106.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 02 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 2.7 bn | 2.5 bn | 2.3 bn | 2.7 bn | 2.6 bn | 2.4 bn | 2.1 bn |
| Cost of revenue | 1.9 bn | 1.9 bn | 1.7 bn | 1.6 bn | 1.9 bn | 1.8 bn | 1.7 bn | 1.6 bn |
| Operating income | 367.0 m | 327.0 m | 161.0 m | 269.0 m | 336.0 m | 273.0 m | 239.0 m | 4.0 m |
| Depreciation & amortisation | 109.0 m | 110.0 m | 109.0 m | 106.0 m | 99.0 m | 102.0 m | 105.0 m | 107.0 m |
| Interest expense | 87.0 m | 88.0 m | 85.0 m | 85.0 m | 81.0 m | 82.0 m | 83.0 m | 85.0 m |
| Pre-tax income | 284.0 m | 247.0 m | 81.0 m | 184.0 m | 256.0 m | 193.0 m | 159.0 m | -79.0 m |
| Income tax | 66.0 m | 74.0 m | 15.0 m | 39.0 m | 62.0 m | 48.0 m | 35.0 m | -21.0 m |
| Net income | 218.0 m | 173.0 m | 66.0 m | 145.0 m | 194.0 m | 145.0 m | 124.0 m | -60.0 m |
| Diluted EPS | 0.72 | 0.58 | 0.22 | 0.48 ≈ | 0.65 | 0.48 | 0.41 | -0.20 ≈ |
| Operating cash flow | 225.0 m | 512.0 m ≈ | 135.0 m ≈ | 259.0 m | 224.0 m | 516.0 m ≈ | 99.0 m ≈ | 200.0 m |
| Capex | 110.0 m | 101.0 m ≈ | 85.0 m ≈ | 130.0 m | 127.0 m | 100.0 m ≈ | 70.0 m ≈ | 64.0 m |
| Dividends paid | 116.0 m | 111.0 m ≈ | 116.0 m ≈ | 116.0 m | 120.0 m | 117.0 m ≈ | 117.0 m ≈ | 116.0 m |
| Share repurchases | 54.0 m | 2.0 m ≈ | 4.0 m ≈ | 2.0 m | 24.0 m | 2.0 m ≈ | 0 ≈ | 0 |
≈ 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.
Today's P/E sits at the 46 percentile of its own 39-quarter history (min 8.0, median 18.2, max 77.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.1 bn | 8.7 bn | 8.5 bn | 8.6 bn | 9.4 bn | 9.6 bn | 10.3 bn | 9.7 bn |
| Revenue YoY | +22.6% | +7.2% | −2.5% | +1.0% | +9.3% | +3.0% | +6.4% | −5.0% |
| Net income | 211.0 m | 1.6 bn | 1.0 bn | 757.0 m | 858.0 m | 567.0 m | 602.0 m | 403.0 m |
| Net income YoY | −19.2% | +671.6% | −38.5% | −24.5% | +13.3% | −33.9% | +6.2% | −33.1% |
| Diluted EPS | 0.70 | 5.36 | 3.29 | 2.51 | 2.85 | 1.89 | 2.01 | 1.31 |
| Diluted EPS YoY | −18.6% | +665.7% | −38.6% | −23.7% | +13.5% | −33.7% | +6.3% | −34.8% |
| net % | 2.6% | 18.7% | 11.8% | 8.8% | 9.2% | 5.9% | 5.9% | 4.1% |
| Free cash flow | 1.0 bn | 1.1 bn | 760.0 m | 939.0 m | 773.0 m | 668.0 m | 705.0 m | 678.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 02 Aug 2026
- Cash
- 394.0 m USD
- Financial debt
- 977.0 m USD
- Net debt
- 583.0 m USD
- Equity
- 3.9 bn USD
- Total assets
- 15.6 bn USD
- Debt / equity
- 0.25x
- Current ratio
- 0.82x
- ROE
- 10.4%
- ROA
- 2.6%
- FCF margin
- 7.0%
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 | 8.5 bn | 8.6 bn | 9.4 bn | 9.6 bn | 10.3 bn | 9.7 bn | SEC (XBRL)· 24 Sept 2026verified |
| Cost of revenue | 5.7 bn | 5.9 bn | 6.4 bn | 6.7 bn | 7.1 bn | 7.0 bn | SEC (XBRL)· 24 Sept 2026verified |
| Gross profit | 2.8 bn ≈ | 2.6 bn ≈ | 2.9 bn ≈ | 3.0 bn ≈ | 3.1 bn ≈ | 2.7 bn ≈ | SEC (XBRL)· 24 Sept 2026derived |
| Operating income | 1.5 bn | 1.2 bn | 1.3 bn | 1.0 bn | 1.1 bn | 852.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Depreciation & amortisation | 317.0 m | 337.0 m | 387.0 m | 411.0 m | 434.0 m | 413.0 m | SEC (XBRL)· 24 Sept 2026verified |
| EBITDA | 1.9 bn ≈ | 1.5 bn ≈ | 1.7 bn ≈ | 1.4 bn ≈ | 1.6 bn ≈ | 1.3 bn ≈ | SEC (XBRL)· 24 Sept 2026derived |
| Interest expense | 210.0 m | 189.0 m | 188.0 m | 249.0 m | 345.0 m | 331.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Pre-tax income | 1.3 bn | 975.0 m | 1.1 bn | 757.0 m | 796.0 m | 529.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Income tax | 328.0 m | 218.0 m | 270.0 m | 190.0 m | 194.0 m | 124.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Net income | 1.0 bn | 757.0 m | 858.0 m | 567.0 m | 602.0 m | 403.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Diluted EPS | 3.29 | 2.51 | 2.85 | 1.89 | 2.01 | 1.31 | SEC (XBRL)· 24 Sept 2026verified |
| Weighted average diluted shares | 305.0 m | 302.0 m | 301.0 m | 300.0 m | 300.0 m | 300.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Dividend per share | 1.46 | 1.48 | 1.48 | 1.48 | 1.54 | 1.56 | SEC (XBRL)· 24 Sept 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 | 69.0 m | 109.0 m | 189.0 m | 108.0 m | 132.0 m | 394.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Receivables | 544.0 m | 490.0 m | 494.0 m | 587.0 m | 541.0 m | 517.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Inventories | 933.0 m | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 24 Sept 2026verified |
| Current assets | 1.7 bn | 2.0 bn | 2.1 bn | 2.2 bn | 2.2 bn | 2.7 bn | SEC (XBRL)· 24 Sept 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.3 bn | 2.4 bn | 2.7 bn | 2.8 bn | 2.9 bn | SEC (XBRL)· 24 Sept 2026verified |
| Goodwill | 4.0 bn | 4.0 bn | 4.0 bn | 5.1 bn | 5.0 bn | 5.3 bn | SEC (XBRL)· 24 Sept 2026verified |
| Intangibles (excl. goodwill) | 3.2 bn | 3.2 bn | 3.1 bn | 4.7 bn | 4.4 bn | 4.2 bn | SEC (XBRL)· 24 Sept 2026verified |
| Total assets | 11.7 bn | 11.9 bn | 12.1 bn | 15.2 bn | 14.9 bn | 15.6 bn | SEC (XBRL)· 24 Sept 2026verified |
| Accounts payable | 1.1 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 24 Sept 2026verified |
| Short-term debt | 48.0 m | 814.0 m | 191.0 m | 1.4 bn | 762.0 m | 977.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Current liabilities | 1.8 bn | 2.9 bn | 2.2 bn | 3.6 bn | 2.9 bn | 3.3 bn | SEC (XBRL)· 24 Sept 2026verified |
| Total liabilities | 8.6 bn | 8.6 bn | 8.4 bn | 11.4 bn | 11.0 bn | 11.5 bn | SEC (XBRL)· 24 Sept 2026verified |
| Equity | 3.2 bn | 3.3 bn | 3.7 bn | 3.8 bn | 3.9 bn | 3.9 bn | SEC (XBRL)· 24 Sept 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.0 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 24 Sept 2026verified |
| Capex | 275.0 m | 242.0 m | 370.0 m | 517.0 m | 426.0 m | 361.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Free cash flow | 760.0 m ≈ | 939.0 m ≈ | 773.0 m ≈ | 668.0 m ≈ | 705.0 m ≈ | 678.0 m ≈ | SEC (XBRL)· 24 Sept 2026derived |
| Investing cash flow | -158.0 m | -230.0 m | -340.0 m | -3.1 bn | -187.0 m | -357.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Financing cash flow | -1.7 bn | -910.0 m | -723.0 m | 1.9 bn | -919.0 m | -419.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Dividends paid | 439.0 m | 451.0 m | 447.0 m | 445.0 m | 459.0 m | 470.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Share repurchases | 36.0 m | 167.0 m | 142.0 m | 67.0 m | 62.0 m | 26.0 m | SEC (XBRL)· 24 Sept 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: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation87
- Balance sheet55
- Quality89
- Growth6
- Returns89
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: 20.50 – 62.95 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)39.12 – 62.95 (Mid 48.18)WACC 8.7% · starting FCFF 931.4 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -25.3%
- Peers: EV/EBITDA37.31 – 56.68 (Mid 46.38)4 companies used · median multiple 11.4x · quartiles 9.3x – 13.8xBGS, BRBR, FLO, MDLZ
- Peers: P/E23.21 – 38.82 (Mid 31.78)4 companies used · median multiple 24.3x · quartiles 17.7x – 29.6xBRBR, FLO, MDLZ, UCFI
- Dividend discount (DDM)20.50 – 27.57 (Mid 23.51)
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
Attractive profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.5% | 92 (vs peers) | 10% |
| Net margin · Quality | 4.1% | 74 (vs peers) | 6% |
| FCF conversion · Quality | 168.2% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 1.4% | 11 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -22.8% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.5x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 2.6x | 17 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 0.8x | 1 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 17.8x | 80 (vs peers) | 10% |
| EV/EBITDA · Valuation | 5.9x | 82 (on a fixed band) | 10% |
| FCF yield · Valuation | 9.8% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 7.2% | 100 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 69.3% | 72 (on a fixed band) | 4% |
Score groups
- Balance sheet55/100 · 3/3 factors with a value
- Growth6/100 · 2/2 factors with a value
- Quality89/100 · 3/3 factors with a value
- Returns89/100 · 2/2 factors with a value
- Valuation87/100 · 3/3 factors with a value
Memo
The Campbell’s Company (CPB). Latest full fiscal year: 2026; data up to 2026-08-02.
Figures computed from the financial statements: revenue 9.7 bn USD in 2026; YoY growth -5.0%; net margin 4.1%; ROE 10.4%; net debt/EBITDA 0.5x.
The estimated value range is 30.26–47.75 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 39.08 USD, the price of 23.26 USD leaves a potential of 68.0% (value / price − 1) and a margin of safety of 40.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.5%
- Net margin: 4.1%
- FCF conversion: 168.2%
- Net debt / EBITDA: 0.5x
- P/E (TTM): 17.8x
- EV/EBITDA: 5.9x
- FCF yield: 9.8%
- Shareholder yield (distributions): 7.2%
- Payout ratio (FCF): 69.3%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: 1.4%
- EPS CAGR 3Y: -22.8%
- Interest coverage: 2.6x
- Current ratio: 0.8x
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% | −14% / −46% |
| CPBThe Campbell’s Company | 6.9 bn | 17.8 | 10.4% | 4.1% | −5.0% | −22% / −43% |
| 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 CPB 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 | 13.73 Total return -37% · Per year -37% | 24.32 Total return 10% · Per year 10% | 36.68 Total return 65% · Per year 65% |
| 3 years | 12.50 Total return -34% · Per year -13% | 24.99 Total return 25% · Per year 8% | 41.50 Total return 101% · Per year 26% |
| 5 years | 11.38 Total return -31% · Per year -7% | 25.67 Total return 41% · Per year 7% | 46.94 Total return 142% · Per year 19% |
- Exit P/E± 6.25
- Net margin± 4.37
- Annual revenue growth± 3.70
- Annual dilution± 0.37
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
The Campbell's Company makes and sells branded food and beverages, notably soups, pasta sauces, Rao's, Goldfish and Pepperidge Farm, grouped into the Meals & Beverages and Snacks segments. In fiscal 2026 net sales fell to 9.744 billion USD, and the company announced a cost savings program, a dividend reset and guidance for 2027 amid inflation and tariff pressure.
SWOT
Strengths
Weaknesses
- Gross margin fell sharply in fiscal 2026 due to cost inflation and supply chain costs 1.
- The Snacks segment saw sales and volume declines in the fourth quarter, and brands such as Kettle Brand were impaired 12.
- Reliance on one large customer, Walmart, which accounts for a significant share of sales, gives that customer negotiating leverage 1.
Opportunities
Risks
- Input cost inflation and packaginghigh
The company may not fully offset higher raw material, packaging and labor costs through price increases, which could reduce margins and volumes 1.
- Trade tariffshigh
Changes in trade policy could raise import and production costs, and the scope of tariffs remains uncertain 1.
- Snacks trademark impairmentsmedium
Successive impairments of Snacks brands signal weakening asset performance and could continue if trends persist 12.
- Customer concentrationmedium
One large customer represents a significant share of sales, and negotiating pressure could affect margins 1.
- Food regulationmedium
New rules on labeling, ingredients and marketing could raise compliance costs 1.
Investment thesis
What would need to be true (bull case)
- Strong brands and a broad portfolio could support a sales recovery as the cost program and dividend reset take effect 12.
- If the at-home cooking trend persists, the Meals & Beverages segment could support growth in the coming years 2.
- Delivering the 500 million USD savings program could improve margins and investment capacity 2.
What would break the thesis
- Guidance for 2027 points to another decline in sales and adjusted profit, which could signal a longer difficult period 2.
- If inflation and tariffs persist, margins could stay under pressure even after efficiency programs 12.
- High leverage and the dividend cut signal financial constraints that could limit investment 2.
What to watch
- Delivery of the 2027 adjusted EPS guidance2027
- Gross margin trend and effect of cost savingsQ1 2027
- Snacks segment sales trend and any further impairmentsnext 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
The business runs two reportable segments. Meals & Beverages covers soups, sauces, beverages and Rao's products, while Snacks covers cookies, crackers, pretzels and chips 1. Sales go through grocery chains, mass discounters, clubs, convenience stores and e-commerce, and the five largest customers accounted for approximately 48% of consolidated net sales in 2026 1.
Segments
Meals & Beverages
The segment includes Campbell's, Swanson, Pacific Foods, Prego, Pace, SpaghettiOs, V8 and Rao's products, including dry pasta, sauces, frozen meals and pizza 1. In the fourth quarter of fiscal 2026 segment net sales were 1,187 million USD and volume/mix rose 3% 2.
Latin America operations
From 2026 the snacking and meals retail business in Latin America is reported in Meals & Beverages, and prior results were recast 1. The sources do not separately detail this activity's contribution.
Market context
The company competes in a highly competitive branded food market against private label producers and other branded manufacturers, on brand recognition, taste, nutrition, price, promotion and shelf space 1. Soup demand is seasonal, peaking in fall and winter, while other products sell more evenly through the year 1.
The market is shaped by cost inflation, trade tariffs and consumers shifting toward lower-priced products 1. Guidance for 2027 calls for net sales down 4% to 2% and adjusted EPS of 1.65 to 1.80 USD 2.
Trends
- Cost inflation and tariffsheadwind
US tariffs and retaliation by trading partners raised production, logistics and packaging costs, including tinplate steel for cans 1. If these costs stay high, margins could remain under pressure.
- Shifting consumer behavior and channelstailwind
Consumers seek at-home cooking and stretchable meals, and non-traditional channels such as clubs and instant delivery are growing in importance 1. This could support the Meals & Beverages segment.
- Regulation of ultra-processed foodsheadwind
Pressure from the FDA and states for stricter labeling and ingredient rules could raise compliance costs or reduce demand for some products 1.
- Cost savings programmixed
The company launched a program targeting 500 million USD in savings by fiscal 2030, including plant closures and workforce reductions 2. If the savings are realized, they could support margins and investment.
Competitive position
The company competes with a large number of rivals of varying sizes, including private label producers that usually sell at lower prices 1. Competitors target the same shelves and consumers through traditional retail and e-commerce 1.
The sources do not name specific competitors, and the number of competitors cannot be reliably estimated 1. Private label is gaining ground on price, which could affect Campbell's brand share if that pressure persists 1.
- Private label producers
Sell at lower prices than branded products and gain share when consumers trade down 1.
- Other branded food manufacturers
Compete on brand recognition, taste, nutrition and innovation in the same categories 1.
- Retailers with private label brands
Expand their own product lines and use buying power to win supplier-funded promotions 1.
- Direct and e-commerce channels
Shoppers increasingly buy online and through clubs, changing how products reach consumers 1.
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
- Campbell's cuts 13% of salaried workforce, closes plants as part of turnaround effortYahoo Finance — News · 04 Sept 2026 · EN
- Campbell's cuts dividend, unveils $500M cost plan after profit slideYahoo Finance — News · 03 Sept 2026 · EN
- Campbell's forecasts weak year ahead on pressured consumer spendingCNBC — Top News · 03 Sept 2026 · EN
- Campbell's stock plunges as food maker slashes dividend after sales, profit declinesYahoo Finance — News · 03 Sept 2026 · EN
- Campbell's Q4 Earnings Call HighlightsYahoo Finance — News · 03 Sept 2026 · EN
- Campbell's Earnings Beat; Eli Lilly Obesity Drug Results | Stock MoversBloomberg Markets · 08 Jun 2026 · EN
- Marvell Technology and Flex to join S&P 500 index, replacing Pool and Campbell'sCNBC World · 05 Jun 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 07 Oct 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
- Proxy statement07 Oct 2026
- Current report05 Oct 2026Other events · Financial statements and exhibits
- Annual report24 Sept 2026
- Current report17 Sept 2026Material agreement · Financial statements and exhibits
- Current report03 Sept 2026Results of operations · Financial statements and exhibits
- Current report17 Jun 2026Departure or appointment of officers
- Quarterly report08 Jun 2026
- Current report08 Jun 2026Results of operations · Financial statements and exhibits
- Quarterly report11 Mar 2026
- Current report11 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-08-02 · SEC / The Campbell's Company · 24 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / The Campbell's Company · 03 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.