CONAGRA BRANDS INC.
$14.73
+0.18 (+1.24%) · delayed · Nov 13, 2026
Five-year price
52w $12.53 to $20.32
- Market cap
- $7.0B
- Enterprise value
- $14.0B
- P/E
- —
- EV / EBIT
- —
- FCF yield
- 13.9%
- ROIC
- −9.6%
- Debt / equity
- 1.14
- Piotroski F
- 5/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC 2.8%
- ○ROE > 15% (5y avg)5y avg ROE 1.0%
- ○Stable operating marginsMargin volatility 10.2% (σ, 5y)
- ●Earnings convert to cashFCF / net income 189% (5y avg)
- ○Growing revenueRevenue CAGR 5y 0.2%
- ●Shrinking share countDiluted shares -1.8% over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 13.9%
- –Price below Graham NumberGraham Number n/a
- ●P/B below 3P/B 1.1
Safety
0
- ○Debt / equity below 0.5D/E 1.14
- ○Debt payable in < 4 yrs of earningsNet debt $7.0B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 0.90
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
40
- ●Adequate size (revenue > $2B)Revenue $11.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.90
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -118%
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $14.73, the market is pricing in about 1.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $7.0B · 477M shares · 5y revenue CAGR 0.2%
Intrinsic value
$12.12
Price
$14.73
Premium paid
22%
What the price implies
The market is paying for 1.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
51% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,827 | 7,938 | 9,538 | 11,054 | 11,185 | 11,536 | 12,277 | 12,051 | 11,613 | 11,282 |
| Gross profit | — | — | — | — | — | — | 3,265 | 3,333 | 3,004 | 2,698 |
| Operating income | 1,240 | 1,413 | 1,642 | 1,816 | 2,141 | 1,588 | 1,075 | 853 | 1,365 | (1,628) |
| Operating margin | 15.8% | 17.8% | 17.2% | 16.4% | 19.1% | 13.8% | 8.8% | 7.1% | 11.8% | -14.4% |
| Pre-tax income | 801 | 972 | 899 | 1,043 | 1,495 | 1,179 | 902 | 610 | 1,156 | (1,824) |
| Income tax | 255 | 175 | 219 | 201 | 194 | 291 | 219 | 263 | 4 | 92 |
| Net income | 639 | 808 | 678 | 840 | 1,299 | 888 | 684 | 347 | 1,152 | (1,916) |
| EPS (diluted) | 1.46 | 1.98 | 1.52 | 1.72 | 2.66 | 1.84 | 1.42 | 0.72 | 2.40 | -4.00 |
| Diluted shares | 436 | 407 | 446 | 489 | 488 | 482 | 481 | 480 | 480 | 479 |
Who owns it
Superinvestors
Filings wire