B&G Foods
BGS on NYSE. B&G Foods sells packaged food and household products to stores in North America. Market value $206m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a big one-time charge, so we price the company excluding that charge.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Everyday goods stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $32.22 of spare cash in the past 12 months. A savings account pays about $4.
You pay 17.2 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 2 cents a year. Above 10 is good.
Quality score: 25 of 100. Price score: 57 of 100. Our list needs 70 on quality and 60 on price.
$2.44 a share, at its 1-year low
Over the past year the price has ranged from $2.40 to $6.38.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.1bn | $2.2bn | $2.1bn | $1.9bn | $1.8bn |
| Operating margin | |||||
| Operating margin | 9.5% | 4.6% | 3.9% | -9.2% | 5.3% |
| Debt to equity | |||||
| Debt to equity | 2.46 | 2.76 | 2.45 | 3.85 | 4.31 |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.08bn | 0.08bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- Debt4.31× equity
- Revenue growth, five yearsShrinking, 1.5% a year
- Buying back its own sharesNo, 13% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $383 million last quarter, down 10% on a year ago.
- A loss of $4 million, compared with a loss of $10 million a year ago.
- It keeps 4 cents of each $1 of sales as operating profit, after losing 8 cents a year earlier.
- Spare cash over the past 12 months: $64 million, down from $125 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.9 billion more than cash, about the same as a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $461m |
| December 2024 | $552m |
| March 2025 | $425m |
| June 2025 | $424m |
| September 2025 | $439m |
| December 2025 | $540m |
| March 2026 | $409m |
| June 2026 | $383m |
| Quarter to | Amount |
|---|---|
| September 2024 | $7m |
| December 2024 | -$222m |
| March 2025 | $835,000 |
| June 2025 | -$10m |
| September 2025 | -$19m |
| December 2025 | -$15m |
| March 2026 | -$33m |
| June 2026 | -$4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 182 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $205,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $6m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $205,000 | <0.1% |
Largest holders overall
- BlackRock$25mCut
- Goldman Sachs Group$15mCut
- Vanguard Capital Management$14m
- Dimensional Fund Advisors LP$12mAdded
- Charles Schwab Investment Management$10mCut
- Geode Capital Management$8mAdded
- State Street$7m
- Morgan Stanley$7mCut
- Vanguard Portfolio Management$7m
- Dana Investment Advisors$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor6.9%−7.5 ptsSince 30 September 2025
- THE GOLDMAN SACHS GROUP, INC.Passive investorat least 4.4%−0.7 pts(filed with 1 related holder)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 6.9%−7.5 pts | 30 September 2025 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | at least 4.4%−0.7 pts (filed with 1 related holder) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $18,000 of shares on the open market. 4 sold $350,716.
- Brunts DeAnn LDirectorBought
- Date
- 14 September 2026
- Shares
- 5,616
- Price
- $3.21
- Value
- $18,000
- Wenner David LDirectorSold
- Date
- 13 March 2026
- Shares
- 19,500
- Price
- $5.19
- Value
- $101,205
- Vogel Andrew DEVP, PRESIDENT OF MEALSSold
- Date
- 13 March 2026
- Shares
- 20,000
- Price
- $5.19
- Value
- $103,800
- Schoch Martin C.EVP of Supply ChainSold
- Date
- 12 March 2026
- Shares
- 11,321
- Price
- $5.40
- Value
- $61,133
- Mullen Dennis MDirectorSold
- Date
- 26 November 2025
- Shares
- 18,795
- Price
- $4.50
- Value
- $84,578
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Brunts DeAnn L Director | Bought | 5,616 | $3.21 | $18,000 |
| 13 March 2026 | Wenner David L Director | Sold | 19,500 | $5.19 | $101,205 |
| 13 March 2026 | Vogel Andrew D EVP, PRESIDENT OF MEALS | Sold | 20,000 | $5.19 | $103,800 |
| 12 March 2026 | Schoch Martin C. EVP of Supply Chain | Sold | 11,321 | $5.40 | $61,133 |
| 26 November 2025 | Mullen Dennis M Director | Sold | 18,795 | $4.50 | $84,578 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 10 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 31% last year. Losing that customer would hurt.
“Our largest customer, Walmart, accounted for approximately 31.0% of our fiscal 2025 net sales, and our ten largest customers together accounted for approximately 63.6% of our fiscal 2025 net sales.”
From the 10-K filed 3 March 2026, Item 1A. Risk Factors. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 4.3× its equity.
- Sales have shrunk: 1.5% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.