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Conagra Brands Inc. (CAG) stock

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NYSE: CAG NYSE Packaged Foods & Meats Next results ~December 18, 2026

C Fundamentals grade

Conagra Brands Inc. is a US-listed company in the packaged foods & meats industry. Its financial year ends in May.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$20

Cash-flow model

Base case. Range ~$11–$32 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 26% below our base value.

Price used: $14.79, November 2, 2026

Conagra Brands Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Conagra Brands files

Where Conagra Brands stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $11.2bn, down 1.8% on a year earlier, faster than -2.9% a quarter earlier. That puts it 870 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to 7.8% from 10.0% a year earlier. Operating margin narrowed to -15.2% from 11.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 6 financial-health checks. Our cash-flow model value is $22.13 a share, against a share price of $14.35. At that price, our model says the market is pricing in cash flow shrinking about 2.0% a year for five years, close to the -0.5% a year revenue growth it has delivered.

Source: 10-Q filed September 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 18, 2026 (estimated)

Conagra Brands Inc.'s trailing-twelve-month revenue fell 1.8% year on year, with a free-cash-flow margin of 7.8%. Where it lags: operating margin of -15.2% ranks 37 of 42 packaged foods & meats companies we cover.

Our discounted-cash-flow model values the business at ~$20 per share in the base case (~$11–$32 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 45% in the quarter to 2026-08-31, the 3rd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $14.79 is 36% below our value per share of $20.

Things to watch

  • Revenue shrinking. Revenue fell 1.8% over the last 12 months.
  • Loss-making. Operating margin is -15.2%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 26.6 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.7% ranks 30 of 35 packaged foods & meats companies we cover (median 18.5%).
  • Heavily shorted. 11.2% of the shares available to trade are sold short (2.9 days of average volume to cover).

Latest results: FY2027 Q1

Filed September 30, 2026
Earnings per share
$0.41 against an average estimate of $0.28: beat by 44.9%
Revenue
$2.60bn, down 1.4% on a year earlier
Share reaction
-6.6% in the first session after the results on September 30, 2026, against 0.0% for the S&P 500
Guidance given
organic net sales change growth -3% to -1% (fiscal 2027); adjusted operating margin 10% to 10.5% (fiscal 2027)
Next report
December 18, 2026; average EPS estimate $0.34

Conagra Brands' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week+1.4%
  • 1 month+10.7%
  • This year-9.7%
  • 1 year-9.0%
  • 5 years-42.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.2B
Operating margin
-15.2%
Net margin
-17.0%
EPS (TTM, diluted)
$-3.98

Growth

Revenue growth
−1.8%
Change in growth rate
+1.1 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$877M
FCF margin
7.8%
Stock pay % of revenue
0.4%

Earnings

Last results
September 30, 2026
Next results (est.)
December 29, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Shareholder vote
  4. Agreement
  5. Leadership
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Conagra Brands Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 1.9% a year for five years.That is close to the -0.5% a year revenue growth Conagra Brands has delivered.

  • Priced in-1.9%
  • Last 12 months-1.8%
  • 3 years a year-2.9%
  • 5 years a year-0.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($14.47, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$20
Price used
$14.47close November 3, 2026
Implied change
▲ +39%
Uncertainty
High

How we got here: a discounted-cash-flow model of Conagra Brands Inc.'s free cash flow after stock-based pay with after-tax interest added back ($1.1B, FY2027 Q1 TTM), growing -2% and 1.2% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$11–~$32 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Conagra Brands Inc.'s free cash flow after stock-based pay ( $1.1B, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Conagra Brands Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$20 ~$11–$32 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$15 ~$16–$26 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.9 ~$3.3–$9.6 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$3.7 ~$3.2–$4.3 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$13 ~$3.7–$20 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Conagra Brands Inc. with Packaged Foods & Meats in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −51%
  • Revenue growth 5 points higher ▲ +67%
  • Free-cash-flow margin 1 point lower ▼ −26%
  • Last year's free-cash-flow margin change, if it persists ▼ −36%
  • Discount rate 1 point higher ▼ −29%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $17$29$44$65$91$125
8.5% $10$18$29$44$63$87
10% $5$11$20$31$46$64

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$23.73$26.83$26.34$20.89$25.92$29.21$26.36$28.73$26.17$20.38$13.13$14.79
Market value$10.4bn$11.7bn$10.7bn$9.3bn$12.7bn$14.2bn$12.7bn$13.8bn$12.6bn$9.8bn$6.3bn$7.1bn
+ Net debt (− = net cash)$4.7bn$2.7bn$3.7bn$10.4bn$9.2bn$8.9bn$8.9bn$9.1bn$8.4bn$8.0bn$7.1bn$7.4bn
Enterprise value$15.1bn$14.4bn$14.4bn$19.8bn$21.9bn$23.2bn$21.6bn$23.0bn$20.9bn$17.8bn$13.3bn$14.5bn
Multiples
Price / sales 6.9x1.5x1.4x1.0x1.1x1.3x1.1x1.1x1.0x0.8x0.6x0.6x
Price / earnings —18.3x13.3x13.7x15.1x11.0x14.3x20.2x36.2x8.5x——
Price / free cash flow 10.6x12.6x15.3x12.1x8.6x14.8x17.8x21.8x7.7x7.5x6.4x8.1x
EV / EBITDA 10.0x9.6x8.6x10.0x9.9x9.2x11.0x15.9x16.7x10.1x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

53 /100

Moderate moat

How hard Conagra Brands's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Cash operating profit has been a median 7.6% of total assets over 10 years.

  • Durability 3 / 20

    Operating margin has been a median 12.5%; its worst year was -15.2%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 9 of 9 years, at a median 7.8% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 1.4% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 18, 2026, before the open. Analysts expect revenue of $2.9bn and EPS of $0.34 (range $0.30 to $0.39) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.46 −15% $10.8bn −4%
Next $1.50 +3% $10.8bn −0%

Next year's EPS estimate has moved −3.5% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.9% on 90 days ago. In the last 30 days, 9 analysts raised Conagra Brands Inc.'s forecast and 2 cut it.

Consensus EPS forecast Conagra Brands Inc., last 90 days
$1.40 $1.45 $1.50 $1.55 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.45 Current fiscal year, 60 days ago: $1.45 Current fiscal year, 30 days ago: $1.44 Current fiscal year, 7 days ago: $1.46 Current fiscal year, Now: $1.46 $1.46 Next fiscal year, 90 days ago: $1.55 Next fiscal year, 60 days ago: $1.55 Next fiscal year, 30 days ago: $1.56 Next fiscal year, 7 days ago: $1.50 Next fiscal year, Now: $1.50 $1.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.45$1.55
60 days ago $1.45$1.55
30 days ago $1.44$1.56
7 days ago $1.46$1.50
Now $1.46$1.50

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $0.28 $0.41 +44.9%
May 2026 $0.46 $0.47 +2.8%
Feb 2026 $0.40 $0.39 −2.6%
Nov 2025 $0.44 $0.45 +3.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 30, 2026
  • Organic net sales change fiscal 2027 -3% growth to -1% growth Non-GAAP Maintained
    “Organic net sales change of (3)% to (1)% compared to fiscal 2026” source
  • Adjusted EPS fiscal 2027 $1.40 to $1.50 Non-GAAP Maintained
    “Adjusted EPS between $1.40 and $1.50” source
  • Adjusted operating margin fiscal 2027 10% to 10.5% Non-GAAP Maintained
    “Adjusted operating margin between 10.0% and 10.5%” source
  • Equity earnings contribution fiscal 2027 about $140m Maintained
    “Equity earnings contribution of approximately $140 million” source
  • Pension income fiscal 2027 about $25m Maintained
    “Pension income of approximately $25 million” source
  • Interest expense fiscal 2027 about $360m Maintained
    “Interest expense of approximately $360 million” source
Show 4 more items
  • Adjusted effective tax rate fiscal 2027 about 24% Non-GAAP Maintained
    “Adjusted effective tax rate of approximately 24%” source
  • Capital expenditures fiscal 2027 about $550m Maintained
    “Capital expenditures of approximately $550 million” source
  • Free cash flow conversion fiscal 2027 about 90% Non-GAAP Maintained
    “Free cash flow conversion of greater than 90%” source
  • Net leverage ratio at fiscal year end fiscal 2027 about 4 Non-GAAP Maintained
    “Net leverage ratio at fiscal year end of approximately 4.0x” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Conagra Brands Inc.'s revenue by -2.0% next year and +1.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-3.8%, weight 69%) and the company's own record (+2.0%, weight 31%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy16%
Hold1063%
Sell531%

Monthly trend

  1. Oct 2026103216
  2. Sep 2026103217
  3. Aug 2026103217
  4. Jul 2026103217

Counts of recommendations published by analysts covering Conagra Brands Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.2%
of tradable shares
Days to cover
2.88
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.7%
of shares
Employees
17,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −9.0%

$16.26 on October 31, 2025 to $14.79

ThenNowEffect
Revenue (last 12 months) $11.5bn $11.2bn −1.8%
P/S multiple 0.7x 0.6x −7.4%
Share count 480m 479m +0.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −37.0%

$23.48 on November 3, 2023 to $14.79

ThenNowEffect
Revenue (last 12 months) $12.3bn $11.2bn −8.4%
P/S multiple 0.9x 0.6x −31.4%
Share count 481m 479m +0.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CAG−3%+18%−23%+2%−33%−10%
Industry peers (median)+9%−4%−4%−2%−16%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CAG33%67%33%58%25%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CAG−20%−16%−35%−18%−36%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 63% from January 6, 2023 to June 3, 2026. Getting back needed a 167% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$12.44 – $19.31
From 52-week high
−23.4%
vs 50-day average
+0.9%
vs 200-day average
−1.4%
Volatility (1 year)
32%
Beta vs S&P 500
-0.35

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±3.9%
After a week
5 up, 7 down
typical move ±3.9%
After a month
3 up, 9 down
typical move ±5.7%
Results releasedNext dayS&P 500 next day5 days21 days
September 30, 2026 −6.6% 0.0% −6.2% −0.3%
July 15, 2026 +2.3% −0.1% +4.8% +10.0%
April 1, 2026 0.0% +0.8% −1.1% −8.3%
December 19, 2025 −3.0% +1.5% −1.9% −1.9%
October 1, 2025 +4.8% +0.5% +2.2% −2.9%
July 10, 2025 −4.8% −0.1% −6.9% −3.8%
April 3, 2025 +1.1% −10.5% −3.4% −9.6%
December 19, 2024 −1.0% +1.2% +1.1% −7.4%
October 2, 2024 −10.3% −0.1% −10.4% −10.5%
July 11, 2024 −1.6% −0.2% +4.4% +5.9%
April 4, 2024 +7.0% −0.2% +3.2% +6.5%
January 4, 2024 −3.7% −0.2% −1.8% −1.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Conagra Brands Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.02× the last 60 days’ realised volatility , richer than 23% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Conagra Brands Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Conagra Brands Inc.
$11B $11.5B $12B $12.5B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $12.2B Revenue (TTM), FY24 Q3: $12.1B Revenue (TTM), FY24 Q4: $12.1B Revenue (TTM), FY25 Q1: $11.9B Revenue (TTM), FY25 Q2: $11.9B Revenue (TTM), FY25 Q3: $11.7B Revenue (TTM), FY25 Q4: $11.6B Revenue (TTM), FY26 Q1: $11.5B Revenue (TTM), FY26 Q2: $11.2B Revenue (TTM), FY26 Q3: $11.2B Revenue (TTM), FY26 Q4: $11.3B Revenue (TTM), FY27 Q1: $11.2B $11.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $12.2B
FY24 Q3 $12.1B
FY24 Q4 $12.1B
FY25 Q1 $11.9B
FY25 Q2 $11.9B
FY25 Q3 $11.7B
FY25 Q4 $11.6B
FY26 Q1 $11.5B
FY26 Q2 $11.2B
FY26 Q3 $11.2B
FY26 Q4 $11.3B
FY27 Q1 $11.2B
Revenue growth, TTM YoY Conagra Brands Inc.
-6% -4% -2% 0% 2% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 1.1% Revenue growth, TTM YoY, FY24 Q3: -0.8% Revenue growth, TTM YoY, FY24 Q4: -1.8% Revenue growth, TTM YoY, FY25 Q1: -2.7% Revenue growth, TTM YoY, FY25 Q2: -2.0% Revenue growth, TTM YoY, FY25 Q3: -3.1% Revenue growth, TTM YoY, FY25 Q4: -3.6% Revenue growth, TTM YoY, FY26 Q1: -4.1% Revenue growth, TTM YoY, FY26 Q2: -5.8% Revenue growth, TTM YoY, FY26 Q3: -4.7% Revenue growth, TTM YoY, FY26 Q4: -2.9% Revenue growth, TTM YoY, FY27 Q1: -1.8% -1.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 1.1%
FY24 Q3 -0.8%
FY24 Q4 -1.8%
FY25 Q1 -2.7%
FY25 Q2 -2.0%
FY25 Q3 -3.1%
FY25 Q4 -3.6%
FY26 Q1 -4.1%
FY26 Q2 -5.8%
FY26 Q3 -4.7%
FY26 Q4 -2.9%
FY27 Q1 -1.8%
Operating margin (TTM) Conagra Brands Inc.
-20% -10% 0% 10% 20% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 11.7% Operating margin (TTM), FY24 Q3: 11.7% Operating margin (TTM), FY24 Q4: 7.1% Operating margin (TTM), FY25 Q1: 6.1% Operating margin (TTM), FY25 Q2: 4.9% Operating margin (TTM), FY25 Q3: 2.1% Operating margin (TTM), FY25 Q4: 11.8% Operating margin (TTM), FY26 Q1: 11.4% Operating margin (TTM), FY26 Q2: 2.8% Operating margin (TTM), FY26 Q3: 3.1% Operating margin (TTM), FY26 Q4: -14.4% Operating margin (TTM), FY27 Q1: -15.2% -15.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 11.7%
FY24 Q3 11.7%
FY24 Q4 7.1%
FY25 Q1 6.1%
FY25 Q2 4.9%
FY25 Q3 2.1%
FY25 Q4 11.8%
FY26 Q1 11.4%
FY26 Q2 2.8%
FY26 Q3 3.1%
FY26 Q4 -14.4%
FY27 Q1 -15.2%
FCF margin (TTM) Conagra Brands Inc.
6% 8% 10% 12% 14% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 9.6% FCF margin (TTM), FY24 Q3: 11.7% FCF margin (TTM), FY24 Q4: 13.5% FCF margin (TTM), FY25 Q1: 12.3% FCF margin (TTM), FY25 Q2: 12.8% FCF margin (TTM), FY25 Q3: 12.3% FCF margin (TTM), FY25 Q4: 11.2% FCF margin (TTM), FY26 Q1: 10.0% FCF margin (TTM), FY26 Q2: 7.8% FCF margin (TTM), FY26 Q3: 7.5% FCF margin (TTM), FY26 Q4: 8.7% FCF margin (TTM), FY27 Q1: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 9.6%
FY24 Q3 11.7%
FY24 Q4 13.5%
FY25 Q1 12.3%
FY25 Q2 12.8%
FY25 Q3 12.3%
FY25 Q4 11.2%
FY26 Q1 10.0%
FY26 Q2 7.8%
FY26 Q3 7.5%
FY26 Q4 8.7%
FY27 Q1 7.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 May 2012 2013 May 2013 2014 May 2014 2015 May 2015 2016 May 2016 2017 May 2017 2018 May 2018 2019 May 2019 2020 May 2020 2021 May 2021 2022 May 2022 2023 May 2023 2024 May 2024 2025 May 2025 2026 May 2026 LTM Aug 2026
Income
Revenue 1.6 1.7 1.7 1.6 1.5 7.8 7.9 9.5 11.1 11.2 11.5 12.3 12.1 11.6 11.3 11.2
Gross profit — — — — — 2.3 2.4 2.7 3.1 3.2 2.8 3.3 3.3 3.0 2.7 2.7
EBITDA 2.0 2.1 1.8 1.5 1.5 1.5 1.7 2.0 2.2 2.5 2.0 1.4 1.3 1.8 −1.2 −1.3
Operating income 1.6 1.7 1.4 1.2 1.2 1.2 1.4 1.6 1.8 2.1 1.6 1.1 0.9 1.4 −1.6 −1.7
Net income 0.5 0.8 0.3 −0.3 −0.7 0.6 0.8 0.7 0.8 1.3 0.9 0.7 0.3 1.2 −1.9 −1.9
Diluted EPS $1.12 $1.85 $0.70 −$0.59 −$1.56 $1.46 $1.98 $1.52 $1.72 $2.66 $1.84 $1.42 $0.72 $2.40 −$4.00 −$3.98
Growth (year on year)
Revenue — +6.3% 0.0% −5.9% −6.3% +421.8% +1.4% +20.2% +15.9% +1.2% +3.1% +6.4% −1.8% −3.6% −2.9% −1.8%
EBITDA — +7.9% −15.4% −16.5% +0.5% +0.4% +10.7% +18.3% +11.6% +14.7% −22.4% −26.4% −13.3% +40.0% −170.2% −177.1%
Operating income — +6.7% −15.4% −15.7% +1.1% +1.4% +13.9% +16.2% +10.6% +17.9% −25.8% −32.3% −20.7% +60.0% −219.3% −230.3%
Net income — +65.4% −60.8% −183.3% — — +26.5% −16.1% +23.9% +54.6% −31.6% −23.0% −49.2% +231.9% −266.3% −324.3%
Diluted EPS — +65.2% −62.2% −184.3% — — +35.6% −23.2% +13.2% +54.7% −30.8% −22.8% −49.3% +233.3% −266.7% −324.5%
Margins
Gross margin — — — — — 29.9% 29.6% 27.8% 27.8% 28.4% 24.6% 26.6% 27.7% 25.9% 23.9% 23.8%
EBITDA margin 122.5% 124.3% 105.2% 93.4% 100.1% 19.3% 21.0% 20.7% 19.9% 22.6% 17.0% 11.8% 10.4% 15.1% −10.9% −11.6%
Operating margin 99.3% 99.7% 84.4% 75.6% 81.5% 15.8% 17.8% 17.2% 16.4% 19.1% 13.8% 8.8% 7.1% 11.8% −14.4% −15.2%
Net margin 29.2% 45.5% 17.8% −15.8% −45.1% 8.2% 10.2% 7.1% 7.6% 11.6% 7.7% 5.6% 2.9% 9.9% −17.0% −17.0%
Free-cash-flow margin 44.8% 58.2% 65.1% 79.3% 65.4% 11.9% 8.9% 8.1% 13.3% 8.6% 6.2% 5.2% 13.5% 11.2% 8.7% 7.8%
Cash flow
Cash from operations 1.1 1.4 1.6 1.5 1.3 1.2 1.0 1.1 1.8 1.5 1.2 1.0 2.0 1.7 1.4 1.3
Capital spending 0.3 0.4 0.5 0.2 0.3 0.2 0.3 0.4 0.4 0.5 0.5 0.4 0.4 0.4 0.4 0.4
Free cash flow 0.7 1.0 1.1 1.3 1.0 0.9 0.7 0.8 1.5 1.0 0.7 0.6 1.6 1.3 1.0 0.9
Stock-based pay 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0
Free cash flow after stock pay 0.7 0.9 1.1 1.2 0.9 0.9 0.7 0.7 1.4 0.9 0.7 0.6 1.6 1.3 0.9 0.8
Balance sheet
Cash 0.1 0.2 0.1 0.1 0.8 0.3 0.1 0.2 0.6 0.1 0.1 0.1 0.1 0.1 0.2 0.4
Total debt 2.9 9.6 9.0 7.9 5.5 3.0 3.8 10.7 9.8 9.0 9.0 9.2 8.4 8.1 7.3 7.8
Net debt (negative = net cash) 2.9 9.4 8.9 7.8 4.7 2.7 3.7 10.4 9.2 8.9 8.9 9.1 8.4 8.0 7.1 7.4
Diluted shares 418m 418m 428m 431m 439m 436m 407m 446m 489m 488m 482m 481m 480m 480m 479m 479m
Returned to shareholders
Dividends 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.4 0.4 0.5 0.6 0.6 0.7 0.7 0.7 0.7
Buybacks 0.4 0.2 0.1 0.1 0.0 1.0 1.0 0.0 0.0 0.3 0.1 0.2 — 0.1 0.0 0.0
Total returned 0.7 0.6 0.5 0.5 0.4 1.4 1.3 0.4 0.4 0.8 0.6 0.8 0.7 0.7 0.7 0.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · August 30, 2026
What it owns · $17.7bn
Short-term assets $3.4bnLonger-term assets $14.3bn
What it owes, and who funded it · $17.7bn
Short-term liabilities $3.1bnLonger-term liabilities $8.2bnShareholders' equity $6.4bn
  • Short-term assets cover short-term liabilities $3.4bn of assets due within a year against $3.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.4bn short-term assets against $8.2bn of longer-dated liabilities.
  • More cash than debt $372m of cash against $7.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 121% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 100% to 121% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $7.8bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Conagra Brands Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$44.3M
Dividends (TTM)
$670M
Returned to shareholders
81%
of free cash flow
Buybacks, last 3 fiscal years
$229M
Diluted share count
−0.1%
year over year
Total shareholder yield
10.1%
dividends 9.4% + buybacks 0.6% of market value
Sales & admin spending
12.9%
of revenue

Competitors: side by side with peers

Closest by revenue in packaged foods & meats
Last 12 months unless stated CAG HRL HSY SEB CPB SJM Median
Revenue, last 12 months $11.2bn $12.1bn $12.3bn $10.3bn $9.7bn $9.2bn $1.5bn
Revenue growth, last 12 months −1.8% 0.7% 6.7% 8.2% −5.0% 5.1% 2.1%
Revenue growth, 3-year average −2.9% −0.1% 3.2% −0.6% 1.4% 2.7% 1.5%
Revenue growth, latest quarter −1.4% −2.4% 3.0% 17.8% −7.9% 5.0% −1.8%
Gross margin 23.8% 15.7% 41.9% 8.1% 28.1% 38.7% 25.6%
Operating margin −15.2% 4.7% 20.8% 3.4% 8.7% 9.0% 3.1%
Operating margin, 3-year average 0.8% 7.3% 19.9% 2.8% 10.0% 4.6% 4.8%
Net margin −17.0% 2.8% 14.6% 6.2% 4.1% 2.5% 2.1%
Cash from operations / revenue 11.4% 9.0% 20.9% 4.6% 10.7% 20.9% 8.0%
Free-cash-flow margin 7.8% 6.4% 17.3% −0.2% 6.4% 17.3% 3.9%
Free-cash-flow margin, 3-year average 10.0% 6.4% 16.1% 0.0% 6.2% 10.8% 5.7%
Stock pay / revenue 0.4% 0.2% 0.6% — 0.6% 0.3% 0.6%
Change in share count −0.1% 0.1% −1.9% −1.3% 0.0% −0.7% 0.0%

Median of all 44 companies we cover in packaged foods & meats. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 packaged foods & meats companies
Measure Company Peer median Rank
Revenue growth Growth -1.8% 2.2% 33 of 44
Change in growth rate Growth +1.1pp -1.0pp 12 of 44
Gross margin Profitability 23.8% 25.6% 26 of 43
Operating margin Profitability -15.2% 3.4% 37 of 42
Net margin Profitability -17.0% 2.3% 37 of 44
Free-cash-flow margin Cash generation 7.8% 4.3% 13 of 43
Stock pay as % of revenue Cash generation 0.4% 0.6% 15 of 39
Long-term debt as % of assets Balance sheet 43.7% 18.5% 30 of 35
Change in share count Balance sheet -0.1% 0.1% 16 of 40

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to May 31, 2026
Products and services
Line of business Revenue Share YoY
Frozen $3.9B 34.7% ▼ 0.7%
Other Shelf Stable $2.4B 21.1% ▼ 14.6%
Snacks $2.2B 19.7% ▲ 5.5%
Foodservice $1.1B 9.9% ▲ 1.9%
International $914M 8.1% ▼ 4.5%
Refrigerated $725M 6.4% ▲ 1.2%

From Conagra Brands Inc.'s 10-K filed July 15, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.7B
Institutions reporting
781
Shares held vs prior quarter
▲ 4.0%
Positions opened / closed
148 / 156

Top buyers and sellers, Q2 2026: 470 institutions bought and 365 sold ; the biggest buyer was Blackrock, Inc (+29.4M shares) and the biggest seller Invesco Ltd (−19.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 79.6M 18.8% ▲ 58.7%
Vanguard Portfolio Management LLC $393M 29.2M 6.9% ▲ 22.8%
Vanguard Capital Management LLC $290M 21.6M 5.1% ▼ 30.5%
AQR Capital Management LLC $276M 20.5M 4.8% ▲ 180.0%
State Street Corp $223M 16.5M 3.9% ▼ 33.9%
Dimensional Fund Advisors LP $206M 15.3M 3.6% ▼ 20.9%
Two Sigma Investments, LP $177M 13.2M 3.1% ▼ 29.5%
Goldman Sachs Group Inc $168M 12.4M 2.9% ▲ 84.3%
Morgan Stanley $149M 11.0M 2.6% ▼ 21.7%
Geode Capital Management, LLC $117M 8.7M 2.0% ▼ 32.4%
Ilex Capital Partners (UK) LLP $109M 8.1M 1.9% New
Barclays PLC $94.3M 7.0M 1.7% ▲ 545.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Conagra Brands Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.1M 3 trades by 3 insiders, last 12 months Insider sales History → $223,659 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $895,916 net buying
Insider Date Trade Shares Price Value
Brase John P President and CEO July 17, 2026 Buy 35,000 $14.59 $510,650
Lenny Richard H Director April 14, 2026 Buy 25,000 $14.34 $358,500
Mulligan John J Director April 14, 2026 Buy 17,500 $14.31 $250,425
Napier Melissa C. SVP, Corporate Controller November 4, 2025 Sell 13,011 $17.19 $223,659

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 36 trades and filings

In the last 12 months, 1 member of Congress disclosed 4 purchases and 4 sales of Conagra Brands Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $15,001 - $50,000, traded June 16, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 15, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 29, 2026 estimated from the company's past filing pattern, not announced

  • September 30, 2026
  • July 15, 2026
  • April 1, 2026
  • December 19, 2025
  • October 1, 2025
  • July 10, 2025

Recent SEC filings

Data status

When each part of this page on Conagra Brands Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Conagra Brands Inc. in brief

What does Conagra Brands Inc. do?
Conagra Brands Inc. is a US-listed company in the packaged foods & meats industry. Its financial year ends in May.
What is Conagra Brands Inc.'s stock ticker?
Conagra Brands Inc. trades under the ticker CAG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Conagra Brands Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Conagra Brands Inc. reported revenue of $11.2B, 1.8% lower than a year earlier, according to its SEC filings.
What is Conagra Brands Inc.'s free cash flow?
Conagra Brands Inc.'s free-cash-flow margin is 7.8% of revenue over the trailing twelve months, ranking 13 of the 43 packaged foods & meats companies we cover.
What is Conagra Brands Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Conagra Brands Inc.'s free cash flow after stock-based pay gives ~$20 per share in the base case, and ~$11–$32 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Conagra Brands Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Conagra Brands Inc. buying back stock, and does it pay a dividend?
Conagra Brands Inc. spent $44.3M on share repurchases over the trailing twelve months, and its diluted share count fell 0.1% over the year.
What is Conagra Brands Inc.'s market cap?
On November 2, 2026, Conagra Brands Inc.'s market capitalisation was about $7.1B and net debt of $7.4B. Market figures come from third-party market data and may be delayed.
Does Conagra Brands Inc. pay a dividend?
Yes: Conagra Brands Inc. paid $670M in dividends over the trailing twelve months, a dividend yield of 9.44%.
How much debt does Conagra Brands Inc. have?
Conagra Brands Inc.'s debt-to-equity ratio is 121.2%, from its latest balance sheet (100.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Conagra Brands Inc.'s competitors?
In our Packaged Foods & Meats peer group, the companies closest to Conagra Brands Inc. are Hormel Foods, The Hershey Company, Seaboard Corp, Campbell's Co and The J.M. Smucker Company. The side-by-side comparison below sets their revenue, margins and growth against Conagra Brands Inc.'s.
Are insiders buying or selling Conagra Brands Inc. stock?
Over the last 12 months, Conagra Brands Inc.'s directors and officers reported 3 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Conagra Brands Inc.'s next earnings date?
Around December 18, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Conagra Brands Inc. announces its own schedule.