Campbell's Co key statistics and ratios

In fiscal 2026, Campbell's Co had return on equity of 10.4%, an operating margin of 8.7%, debt equal to 185.4% of equity and a current ratio of 0.82. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Campbell's Co: financial ratios, annual
Fiscal year	2010Aug 2010	2011Jul 2011	2012Jul 2012	2013Jul 2013	2014Aug 2014	2015Aug 2015	2016Jul 2016	2017Jul 2017	2018Jul 2018	2019Jul 2019	2020Aug 2020	2021Aug 2021	2022Jul 2022	2023Jul 2023	2024Jul 2024	2025Aug 2025	2026Aug 2026
Gross margin	—	—	—	—	—	—	—	41.8%	35.9%	33.2%	34.5%	33.2%	30.7%	31.2%	30.8%	30.4%	28.1%
Operating margin	17.6%	17.0%	16.1%	13.4%	15.3%	13.0%	12.1%	24.5%	15.3%	12.1%	12.7%	18.2%	13.6%	14.0%	10.4%	11.0%	8.7%
Net margin	11.0%	11.3%	10.8%	5.7%	10.5%	8.2%	7.1%	15.2%	3.9%	2.6%	18.7%	11.8%	8.8%	9.2%	5.9%	5.9%	4.1%
Free-cash-flow margin	9.7%	12.2%	11.1%	8.5%	6.7%	10.2%	14.4%	16.3%	13.6%	12.5%	12.6%	9.0%	11.0%	8.3%	6.9%	6.9%	7.0%
Return on equity	91.1%	79.9%	77.9%	43.3%	61.2%	44.5%	38.7%	56.1%	17.4%	17.1%	88.8%	35.1%	23.4%	24.5%	15.2%	15.6%	10.4%
Return on assets	13.4%	12.3%	11.6%	6.2%	10.5%	8.2%	7.1%	11.4%	2.3%	1.5%	12.8%	8.3%	6.4%	7.2%	4.2%	4.0%	2.6%
Asset turnover	1.22	1.09	1.07	1.08	1.01	1.00	1.00	0.75	0.59	0.59	0.68	0.70	0.72	0.78	0.71	0.68	0.64
Current ratio	0.82	0.99	0.86	0.68	0.70	0.75	0.75	0.79	0.64	0.58	0.78	0.93	0.68	0.93	0.61	0.77	0.82
Debt to equity	300.2%	283.5%	312.7%	365.9%	248.6%	295.6%	231.7%	216.0%	713.7%	768.3%	241.7%	160.5%	153.9%	128.1%	189.4%	175.7%	185.4%
Interest cover (operating income ÷ interest)	12.0x	9.9x	10.1x	8.0x	10.4x	9.8x	8.3x	12.4x	5.5x	2.8x	3.2x	7.4x	6.2x	7.0x	4.0x	3.3x	2.6x
Effective tax rate	32.0%	31.9%	31.0%	28.8%	32.6%	29.8%	33.7%	29.8%	12.8%	24.2%	22.7%	24.6%	22.4%	23.9%	25.1%	24.4%	23.4%
R&D as % of revenue	1.6%	1.7%	1.6%	1.6%	1.5%	1.4%	1.3%	1.6%	1.4%	1.1%	1.1%	1.0%	1.0%	1.0%	1.1%	1.0%	1.0%
Capital spending as % of revenue	4.1%	3.8%	4.5%	4.2%	4.2%	4.7%	4.3%	5.8%	6.2%	4.7%	3.4%	3.2%	2.8%	4.0%	5.4%	4.2%	3.7%
Free cash flow ÷ net income	87.9%	108.1%	103.0%	149.1%	63.7%	124.0%	204.3%	107.1%	344.1%	480.6%	67.4%	75.8%	124.0%	90.1%	117.8%	117.1%	168.2%
Dividends ÷ net income	43.2%	47.0%	48.2%	80.1%	45.2%	59.2%	69.3%	47.4%	163.2%	200.5%	26.2%	43.8%	59.6%	52.1%	78.5%	76.2%	116.6%
Dividends and buybacks ÷ free cash flow	112.8%	127.1%	98.5%	76.1%	84.6%	77.2%	46.3%	90.2%	57.0%	41.7%	38.8%	62.5%	65.8%	76.2%	76.6%	73.9%	73.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Campbell's Co: financial ratios, quarterly
Quarter	2025 Q1Oct 2024	2025 Q2Jan 2025	2025 Q3Apr 2025	2025 Q4Aug 2025	2026 Q1Nov 2025	2026 Q2Feb 2026	2026 Q3May 2026	2026 Q4Aug 2026
Gross margin	31.3%	30.5%	29.4%	30.4%	29.6%	28.0%	27.5%	27.3%
Operating margin	13.2%	12.2%	6.5%	11.6%	12.6%	10.6%	10.1%	0.2%
Net margin	7.9%	6.4%	2.7%	6.2%	7.2%	5.7%	5.2%	−2.8%
Free-cash-flow margin	4.1%	15.3%	2.0%	5.6%	3.6%	16.2%	1.2%	6.4%
Current ratio	0.91	0.93	0.78	0.77	0.82	1.01	0.87	0.82
Debt to equity	206.1%	196.3%	178.2%	175.7%	176.2%	176.7%	174.0%	185.4%
R&D as % of revenue	0.9%	0.9%	0.9%	1.1%	0.9%	0.9%	1.1%	1.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 7 checks passed · August 2, 2026

What it owns · $15.6bn

Short-term assets $2.7bnLonger-term assets $12.9bn

What it owes, and who funded it · $15.3bn

Short-term liabilities $3.3bnLonger-term liabilities $8.2bnShareholders' equity $3.9bn

Short-term assets cover short-term liabilities $2.7bn of assets due within a year against $3.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $2.7bn short-term assets against $8.2bn of longer-dated liabilities.
More cash than debt $394m of cash against $7.1bn of debt.
Debt below 40% of shareholders' equity Debt is 185% of equity.
Debt burden no higher than five years ago Debt to equity moved from 136% to 185% over five years.
A year's operating cash flow covers at least 20% of debt $1.0bn of operating cash flow against $7.1bn of debt.
Operating profit covers interest at least five times over Operating income of $852m against $331m of interest.

From Campbell's Co'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.

Moat

62 /100

Moderate moat

How hard Campbell's'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 6 / 20

Net income has been a median 5.2% of total assets over 10 years.
Pricing power 11 / 20

Gross margin has been a median 32.2%, moving by 2.6 percentage points (standard deviation) across 10 years.
Durability 13 / 20

Operating margin has been a median 13.2%; its worst year was 8.7%.
Cash conversion 15 / 20

Free cash flow was positive in 10 of 10 years, at a median 9.9% of revenue.
Discipline 17 / 20

The diluted share count fell 1.6% over five years; stock-based pay has been a median 0.7% 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.

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Figures from Campbell's Co's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Campbell's Co.