Conagra Brands, Inc.
- Open
- 14.81
- Day high
- 15.07
- Day low
- 14.66
- Prev close
- 14.95
- Volume
- 6.6M
- Mkt cap
- $7.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.1
- P/S
- 0.6
- Yield
- 8.25%
- Per share
- $1.22
- ▲Insiders net buying $511K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
Conagra Brands, Inc. (CAG) is a Consumer Defensive company listed on NYSE. The stock is down 23% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
Conagra Brands, Inc. (CAG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CAG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 1, 2026 | $0.40 | $0.39 | -2.5% | $2.8B | +0.4% |
| Dec 19, 2025 | $0.44 | $0.45 | +3.2% | $3.0B | -0.0% |
| Jul 10, 2025 | $0.58 | $0.56 | -3.4% | $2.8B | -1.8% |
| Apr 3, 2025 | $0.52 | $0.51 | -2.7% | $2.8B | -1.9% |
| Dec 19, 2024 | $0.68 | $0.70 | +3.7% | $3.2B | +1.5% |
| Jul 11, 2024 | $0.57 | $0.61 | +6.5% | $2.9B | -0.9% |
| Apr 4, 2024 | $0.65 | $0.69 | +6.2% | $3.0B | +0.8% |
| Jan 4, 2024 | $0.68 | $0.71 | +4.4% | $3.2B | -0.9% |
| Oct 5, 2023 | $0.60 | $0.66 | +10.0% | $2.9B | -1.6% |
| Jul 13, 2023 | $0.60 | $0.62 | +3.3% | $3.0B | -0.6% |
| Apr 5, 2023 | $0.64 | $0.76 | +18.8% | $3.1B | +1.5% |
| Jan 5, 2023 | $0.66 | $0.81 | +22.7% | $3.3B | +1.1% |
CAG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 28, 2026 | Bartell Careyofficer: EVP, GC and Corp. Secretary | Tax | 2,429 | $14.77 |
| Jul 28, 2026 | Napier Melissa C.officer: SVP, Corporate Controller | Tax | 1,196 | $14.77 |
| Jul 28, 2026 | McGough Thomas Mofficer: EVP & COO | Tax | 3,346 | $14.77 |
| Jul 28, 2026 | Eboli Alexandreofficer: EVP, Chief SC & Transformation | Option | 10,962 | — |
| Jul 28, 2026 | O'Mara Noelleofficer: EVP & President, R & F | Option | 7,308 | — |
| Jul 28, 2026 | MARBERGER DAVID Sofficer: EVP and CFO | Tax | 5,059 | $14.77 |
| Jul 28, 2026 | Brock Charisseofficer: EVP, Chief HR Officer | Tax | 2,429 | $14.77 |
| Jul 28, 2026 | Napier Melissa C.officer: SVP, Corporate Controller | Option | 2,698 | — |
| Jul 28, 2026 | Brock Charisseofficer: EVP, Chief HR Officer | Option | 5,481 | — |
| Jul 28, 2026 | MARBERGER DAVID Sofficer: EVP and CFO | Option | 11,419 | — |
| Jul 28, 2026 | O'Mara Noelleofficer: EVP & President, R & F | Option | 34,257 | — |
| Jul 28, 2026 | O'Mara Noelleofficer: EVP & President, R & F | Option | 4,568 | — |
| Jul 28, 2026 | Eboli Alexandreofficer: EVP, Chief SC & Transformation | Tax | 4,857 | $14.77 |
| Jul 28, 2026 | O'Mara Noelleofficer: EVP & President, R & F | Tax | 20,438 | $14.77 |
| Jul 28, 2026 | Bartell Careyofficer: EVP, GC and Corp. Secretary | Option | 5,481 | — |
Source: CAG SEC Form 4 filings, latest Jul 28, 2026. For informational purposes only — not investment advice.
See the full CAG insider & 13F page →Conagra Brands, Inc. company profile
Overview
Conagra Brands, Inc. (NYSE:CAG) is a major American consumer packaged goods company that has been serving households for over 160 years. Founded in 1861 and originally known as ConAgra Foods, the company rebranded to Conagra Brands in 2016 to better reflect its focus on building consumer brands. Headquartered in Chicago, Illinois, Conagra has evolved from its agricultural roots into one of North America's largest food companies, with a diverse portfolio of well-known brands spanning frozen foods, snacks, condiments, and meal solutions. The company operates across multiple temperature states and distribution channels, serving both retail consumers and foodservice establishments throughout North America and internationally.
Business
Conagra Brands operates in the packaged foods industry, which involves manufacturing, marketing, and distributing processed food products that are shelf-stable, frozen, or refrigerated for consumer convenience. The packaged foods sector serves as an intermediary between raw agricultural commodities and end consumers, adding value through processing, branding, packaging, and distribution. The company operates through four primary business segments: 1. Grocery & Snacks segment (approximately 40% of revenue) focuses on shelf-stable products sold through traditional retail channels. This includes brands like Duncan Hines baking mixes, Slim Jim meat snacks, Angie's BOOMCHICKAPOP popcorn, Hunt's tomato products, and various condiments and sauces. These products have extended shelf lives and don't require refrigeration, making them convenient pantry staples. 2. Refrigerated & Frozen segment (approximately 40% of revenue) encompasses temperature-controlled products requiring cold storage throughout the supply chain. Key brands include Birds Eye frozen vegetables, Marie Callender's frozen meals, Healthy Choice frozen entrees, Hebrew National hot dogs, and Reddi-wip whipped cream. This segment benefits from the growing consumer demand for convenient, nutritious meal solutions. 3. International segment (approximately 10% of revenue) distributes Conagra's food products outside the United States through both retail and foodservice channels. This includes operations in Canada, Mexico, and other international markets, adapting products to local tastes and regulatory requirements. 4. Foodservice segment (approximately 10% of revenue) provides branded and custom-manufactured food products specifically designed for restaurants, quick-service establishments, and other commercial food operations. This B2B segment offers bulk packaging and specialized formulations tailored for professional kitchens.
Revenue model
Conagra Brands generates revenue primarily through product sales to retailers, distributors, and foodservice operators. The company follows a traditional consumer packaged goods business model where it manufactures branded food products and sells them to intermediaries who then distribute to end consumers. The company's customers include major grocery retailers like Walmart, Kroger, and Safeway, as well as foodservice distributors and restaurant chains. Revenue is generated when these customers purchase Conagra's products for resale or use in their operations. The company typically operates on thin margins characteristic of the food industry, with gross margins around 26-27% and operating margins in the mid-teens. Several factors influence Conagra's profitability margins. Commodity price inflation represents the most significant headwind, as the company faces rising costs for ingredients like wheat, corn, meat proteins, and packaging materials. The company has experienced inflation rates of 4-16% annually in recent years. Transportation and logistics costs also impact margins, particularly for frozen and refrigerated products requiring cold-chain distribution. On the positive side, Conagra can implement pricing actions to offset inflation, though these must be carefully managed to avoid demand destruction. The company benefits from productivity improvements through supply chain optimization, automation, and operational efficiency gains. Mix management - shifting toward higher-margin products and premium offerings - also supports margin expansion. Additionally, the company's scale provides procurement leverage with suppliers and the ability to spread fixed costs across large production volumes. Consumer behavior significantly impacts margins, as economic pressures can drive trade-down to lower-priced alternatives or reduced consumption of convenience foods. Conversely, trends toward at-home consumption and demand for convenient meal solutions support volume growth and pricing power.
Competitive moat
Conagra Brands possesses a moderate economic moat built primarily on brand recognition and distribution advantages, though this moat faces ongoing challenges in the competitive packaged foods landscape. The company's strongest moat element is its portfolio of established consumer brands with decades of market presence. Brands like Birds Eye, Duncan Hines, Slim Jim, and Hunt's have achieved significant consumer awareness and loyalty, creating switching costs for retailers who risk losing customers by discontinuing popular products. This brand equity provides some pricing power and shelf space protection. Distribution scale and relationships represent another moat component. Conagra's extensive relationships with major retailers and foodservice operators, combined with its ability to efficiently serve these customers across multiple categories, creates barriers for smaller competitors. The company's supply chain infrastructure, including manufacturing facilities and cold storage capabilities, requires significant capital investment that deters new entrants. However, Conagra's moat is not particularly deep. The packaged foods industry faces intense competition from both large multinational companies and emerging brands. Private label products pose a persistent threat, offering similar functionality at lower prices. Changing consumer preferences toward fresh, organic, and minimally processed foods challenge traditional packaged food companies. Retail consolidation has strengthened buyers' negotiating power, pressuring margins and promotional spending. Additionally, direct-to-consumer brands and e-commerce platforms enable smaller companies to reach consumers without traditional distribution advantages. The company's moat is gradually eroding as consumer preferences shift and competition intensifies. While Conagra maintains market leadership in several categories, sustaining this position requires continuous innovation, brand investment, and operational efficiency improvements.
Risks & safety
Conagra Brands presents a moderate margin of safety with manageable debt levels but limited cash cushion and stretched working capital. **Liquidity and Solvency:** - Cash position of only $49 million is concerning for a company of this size - Current ratio of 0.69 indicates potential working capital strain - Quick ratio of 0.23 suggests limited liquid assets to cover short-term obligations - Debt-to-equity ratio of 0.93 is elevated but manageable for the industry - Strong operating cash flow of $592 million and free cash flow of $503 million provide financial flexibility **Valuation Metrics:** - P/E ratio of 21.3x appears reasonable for a stable food company - EV/EBITDA of 13.2x is within acceptable range for the sector - Price-to-book ratio of 1.41x suggests modest premium to book value - Graham number of 11.2 indicates potential undervaluation relative to conservative metrics **Other Considerations:** - Consistent EBITDA generation provides debt service capability - Mature, recession-resistant business model offers stability - High asset base ($20.7 billion) provides collateral backing - Net leverage target of 3.2x demonstrates management's focus on debt reduction
Recent development
Over the past few years, Conagra Brands has undergone significant strategic transformation focused on portfolio optimization and operational efficiency. The company has actively reshaped its portfolio through strategic acquisitions and divestitures, including the recent acquisition of FATTY Smoked Meat Sticks to strengthen its position in the growing protein snacks category, and the divestiture of its majority stake in Indian subsidiary Agro Tech Foods Limited. The company has prioritized volume recovery and market share gains over short-term margin expansion, particularly in its frozen foods and snacks domains where it has achieved strong performance. Management reports that 67-93% of its portfolio has held or gained volume share across recent quarters, indicating successful brand positioning and consumer engagement. Supply chain resilience and productivity improvements have been major focus areas, with the company targeting $1 billion in cost savings by fiscal 2025. Service levels have improved to 95-97%, and the company has invested in automation and operational efficiency. However, the business has faced challenges including manufacturing disruptions at facilities like the Hebrew National plant and supply chain constraints from partners like Americold. Innovation and brand modernization represent key strategic pillars, with management describing recent periods as featuring the "largest innovation slate in company history." The company has launched new products across frozen, snacks, and staples categories while ensuring over 90% of its portfolio contains no synthetic dyes, aligning with health-conscious consumer trends. Financial discipline has improved significantly, with net leverage reduction from 5.5x to approximately 3.2-3.6x through debt paydown and EBITDA growth. The company has maintained its dividend while focusing on debt reduction and reinvestment in the business.
CAG company profile · for informational purposes only — not investment advice.
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