CONAGRA BRANDS INC. CAG
Conagra Brands, Inc. (the "Company", "Conagra Brands", "we", "us", or "our"), headquartered in Chicago, is one of North America's leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The Company's portfolio is continuously evolving to satisfy consumers' ever-changing food preferences. Conagra's brands include Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®, Reddi-wip®, Slim Jim®, Angie's® BOOMCHICKAPOP®, and many more.
We began as a Midwestern flour-milling company and entered other commodity-based businesses throughout our history. We were initially incorporated as a Nebraska corporation in 1919 and reincorporated as a Delaware corporation in 1976. Over time, we transformed into the branded, pure-play consumer packaged goods food company we are today. Growing our food businesses has also been fueled by innovation, organic growth of our brands, and expansion into adjacent categories, including through acquisitions. We are focused on delivering sustainable, profitable growth with strong and improving returns on our invested capital.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.28B | $11.61B | $12.05B | $12.28B | $11.54B | $11.18B | $11.05B | $9.54B | $7.94B | $7.83B |
| Cost of revenue | $8.58B | $8.61B | $8.72B | $9.01B | $8.70B | $8.01B | $7.98B | $6.89B | $5.59B | $5.48B |
| Gross profit | $2.70B | $3.00B | $3.33B | $3.26B | $2.84B | $3.18B | $3.07B | $2.65B | $2.35B | $2.34B |
| R&D | $62.7M | $60.8M | $61.4M | $57.7M | $53.4M | $51.3M | $56.4M | $56.1M | $47.3M | $44.6M |
| SG&A | $1.44B | $1.54B | $1.49B | $1.43B | $1.49B | $1.40B | $1.62B | $1.47B | $1.40B | $1.47B |
| Operating income | -$1.63B | $1.36B | $852.8M | $1.08B | $1.59B | $2.14B | $1.82B | $1.64B | $1.41B | $1.24B |
| Interest expense | $382.6M | $416.7M | $430.5M | $409.6M | $379.9M | $420.4M | $487.1M | $391.4M | $158.7M | $195.5M |
| Pre-tax income | -$1.82B | $1.16B | $610.2M | $901.9M | $1.18B | $1.49B | $1.04B | $899.1M | $972.1M | $800.7M |
| Income tax | $91.8M | $3.7M | $262.5M | $218.7M | $290.5M | $193.8M | $201.3M | $218.8M | $174.6M | $254.7M |
| Net income | -$1.92B | $1.15B | $347.7M | $683.2M | $888.2M | $1.30B | $840.1M | $678.3M | $808.4M | $639.3M |
| EPS, basic | -4.00 | 2.41 | 0.73 | 1.43 | 1.85 | 2.67 | 1.72 | 1.53 | 2.00 | 1.48 |
| EPS, diluted | -4.00 | 2.40 | 0.72 | 1.42 | 1.84 | 2.66 | 1.72 | 1.52 | 1.98 | 1.46 |
| Shares, diluted (wtd. avg.) | $479.0M | $479.7M | $480.0M | $480.7M | $482.2M | $487.8M | $488.6M | $445.6M | $407.4M | $436.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $218.0M | $68.0M | $77.7M | $93.3M | $83.3M | $79.2M | $553.3M | $236.6M | $128.0M | $251.4M |
| Receivables | $658.2M | $770.0M | $871.8M | $952.8M | $867.4M | $793.9M | $860.8M | $818.2M | $569.4M | $563.4M |
| Inventory | $1.91B | $2.05B | $1.98B | $2.21B | $1.97B | $1.71B | $1.36B | $1.55B | $988.7M | $927.9M |
| Total current assets | $2.88B | $3.07B | $3.15B | $3.38B | $3.03B | $2.70B | $2.89B | $2.73B | $1.94B | $2.01B |
| Property, plant and equipment | — | $2.84B | $2.82B | $2.74B | $2.74B | $2.57B | $2.37B | $2.33B | $1.59B | $1.63B |
| Goodwill | $8.12B | $10.50B | $10.33B | $10.85B | $11.26B | $11.34B | $11.33B | $11.36B | $4.48B | $4.28B |
| Other intangibles | $1.83B | $2.42B | $2.48B | $3.19B | $3.86B | $4.12B | $4.30B | $4.54B | $1.28B | $1.22B |
| Total assets | $17.27B | $20.93B | $20.86B | $22.05B | $22.44B | $22.20B | $22.30B | $22.21B | $10.39B | $10.10B |
| Accounts payable | $1.51B | $1.59B | $1.49B | $1.53B | $1.86B | $1.66B | $1.51B | $1.25B | $905.3M | $773.1M |
| Short-term debt | $778.2M | $1.03B | $20.3M | $1.52B | $707.3M | $23.1M | $845.5M | $20.6M | $307.0M | $199.0M |
| Total current liabilities | $3.19B | $4.32B | $3.24B | $4.44B | $3.52B | $3.31B | $3.29B | $2.14B | $2.34B | $1.72B |
| Long-term debt | $6.46B | $6.23B | $7.49B | $7.08B | $8.09B | $8.28B | $8.90B | $10.66B | $3.23B | $2.77B |
| Total liabilities | $10.92B | $12.00B | $12.35B | $13.25B | $13.57B | $13.56B | $14.35B | $14.75B | $6.63B | $6.02B |
| Retained earnings | $4.17B | $6.76B | $6.28B | $6.60B | $6.55B | $6.26B | $5.47B | $5.05B | $4.74B | $4.25B |
| Total equity | $6.36B | $8.93B | $8.51B | $8.81B | $8.86B | $8.63B | $7.95B | $7.46B | $3.76B | $4.08B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.40B | $1.69B | $2.02B | $995.4M | $1.18B | $1.47B | $1.84B | $1.13B | $954.2M | $1.17B |
| Depreciation and amortisation | $396.0M | $390.2M | $400.9M | $369.9M | $375.4M | $387.7M | $388.9M | $283.9M | $222.1M | $234.4M |
| Stock-based compensation | $54.7M | $41.5M | $30.8M | $79.2M | $26.1M | $63.9M | $59.2M | $33.7M | $37.9M | $36.1M |
| Capital expenditure | $423.4M | $389.3M | $388.1M | $362.2M | $464.4M | $506.4M | $369.5M | $353.1M | $251.6M | $242.1M |
| Investing cash flow | $262.6M | -$542.2M | -$375.0M | -$354.9M | -$434.9M | -$340.3M | -$153.8M | -$5.17B | -$576.2M | -$184.0M |
| Financing cash flow | -$1.52B | -$1.16B | -$1.66B | -$631.6M | -$738.0M | -$1.61B | -$1.37B | $4.15B | -$506.9M | -$1.57B |
| Dividends paid | $669.7M | $669.2M | $659.3M | $623.8M | $581.8M | $474.6M | $413.6M | $356.2M | $342.3M | $415.0M |
| Buybacks | $15.3M | $64.0M | — | $150.0M | $50.0M | $298.1M | $0 | $0 | $967.3M | $1.00B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000023217-26-000037.
Others in SIC 2000
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MDLZ | Mondelez International, Inc. | $78.66B | 32.4x | 5.8% |
| CPB | CAMPBELL'S Co | $6.38B | 10.6x | 6.4% |
| BYND | BEYOND MEAT, INC. | $6.08B | — | -15.6% |
| FLO | FLOWERS FOODS INC | $1.33B | 15.7x | 3.0% |
| BRBR | BELLRING BRANDS, INC. | $1.21B | 6.2x | 16.1% |
| SMPL | Simply Good Foods Co | $1.01B | 11.2x | 9.0% |
| VITL | Vital Farms, Inc. | $425.9M | 6.9x | 25.3% |
| BGS | B&G Foods, Inc. | $267.4M | — | -5.4% |