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Conagra Brands

CAG on NYSE. Conagra Brands sells packaged food brands to retailers and foodservice outlets. Market value $6.3bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to August 2026. Quality checks use five annual reports, the latest for the year to May 2026.

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

What to watch out for

See Everyday goods stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to August 2026
13.9%very high

For every $100 of what the whole company costs, it produced $13.93 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to August 2026, without the one-off
11.0×fair

You pay 11.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to May 2026
4.7%five-year median

Each dollar kept in the business earns 5 cents a year. Above 10 is good.

Quality score: 56 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.

$13.19 a share, 5% above its 1-year low

Over the past year the price has ranged from $12.53 to $20.32.

Dividend: 10.6% a year

Paid every year for at least 5 years

Yields this high often come before a cut. Check the company's latest news.

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.7
0.6
1.6
1.3
1.0
0.9
2022202320242025202612 monthsto Aug '26
Revenue
$11.5bn$12.3bn$12.1bn$11.6bn$11.3bn
Operating margin
13.8%8.8%7.1%11.8%-14.4%
Debt to equity
1.041.071.030.931.18
Shares outstanding
0.48bn0.48bn0.48bn0.48bn0.48bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt1.18× equity
  • Revenue growth, five yearsSlow, 0.2% a year
  • Buying back its own sharesRoughly flat

The quarter to August 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.6 billion last quarter, about the same as a year ago.
  • Profit: $174 million, up 6% on a year ago.
  • It loses 15 cents on each $1 of sales, after keeping 11 cents a year earlier.
  • Spare cash over the past 12 months: $877 million, down from $1.1 billion.
  • About the same number of shares as a year ago.
  • Debt is $7.4 billion more than cash, down from $7.6 billion a year ago.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
November 2024$3.2bn
February 2025$2.8bn
May 2025$2.8bn
August 2025$2.6bn
November 2025$3.0bn
February 2026$2.8bn
May 2026$2.9bn
August 2026$2.6bn
Profit by quarter
Profit by quarter
Quarter toAmount
November 2024$285m
February 2025$145m
May 2025$256m
August 2025$165m
November 2025-$664m
February 2026$200m
May 2026-$1.6bn
August 2026$174m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
15 July 2026
Next quarterly (estimated, 10-Q)
30 December 2026

Who owns it

9 long-term investors we follow own it, up from 8 last quarter. 783 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $1m of shares on the open market. 1 sold $223,659.

  • Brase John P
    President and CEO, Director
    Bought
    Date
    17 July 2026
    Shares
    35,000
    Price
    $14.59
    Value
    $510,633
  • Mulligan John J
    Director
    Bought
    Date
    14 April 2026
    Shares
    17,500
    Price
    $14.31
    Value
    $250,425
  • LENNY RICHARD H
    Director
    Bought
    Date
    14 April 2026
    Shares
    25,000
    Price
    $14.34
    Value
    $358,500
  • Napier Melissa C.
    SVP, Corporate Controller
    Sold
    Date
    4 November 2025
    Shares
    13,011
    Price
    $17.19
    Value
    $223,659
  • BROWN THOMAS K
    Director
    Bought
    Date
    7 October 2025
    Shares
    10,000
    Price
    $18.72
    Value
    $187,200

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 15 Jul 2026, plus the 10-Q filed 30 Sep 2026 and 4 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 29% last year. Losing that customer would hurt.

    “Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 29% of consolidated net sales for fiscal 2026 and 2025 and 28% for fiscal 2024.”

    From the 10-K filed 15 July 2026, Item 1. Business. 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

  • Sales have barely grown: 0.2% 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
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What a finished deep dive looks like

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.