# Conagra Brands, Inc. (CAG)

> Source: Nexqual · https://nexqual.com/CAG · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Conagra Brands, Inc. (CAG), nexqual.com/CAG" · informational, not investment advice.

**Price:** USD 14.86 (-1.39% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 15.07 · day 14.77–15.14 · 52w 12.53–20.32 · market cap $7.09B · NYQ

## Key facts
- Last four reported quarters (through Aug 30, 2026): revenue $11.2B, net income -$1.91B (-17.0% margin), free cash flow $877M (SEC filings).
- 3 of 80 tracked superinvestors hold CAG (13F, Q2 2026): 1 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $1.1M; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -12.3% vs S&P 500 +13.4%; 5Y -40.9% vs S&P 500 +76.9%.
- Next earnings: 2026-12-18, EPS estimate USD 0.34, revenue estimate $2.92B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.5B | $12.3B | $12.1B | $11.6B | $11.3B | $11.2B |
| Gross profit | $2.84B | $3.26B | $3.33B | $3.00B | $2.70B | — |
| Operating income | $1.59B | $1.08B | $853M | $1.36B | -$1.63B | -$1.71B |
| Net income | $888M | $684M | $347M | $1.15B | -$1.92B | -$1.91B |
| EPS (diluted) | $1.84 | $1.42 | $0.72 | $2.40 | -$4.00 | — |
| Free cash flow | $713M | $633M | $1.63B | $1.30B | $979M | $877M |
| Gross margin | 24.6% | 26.6% | 27.7% | 25.9% | 23.9% | — |
| Operating margin | 13.8% | 8.8% | 7.1% | 11.8% | -14.4% | -15.2% |
| Net margin | 7.7% | 5.6% | 2.9% | 9.9% | -17.0% | -17.0% |
| Revenue growth | +3.1% | +6.4% | -1.8% | -3.6% | -2.9% | — |
| Cash + short-term investments | $83.3M | $93.3M | $77.7M | $68.0M | $218M | — |
| Total debt | $8.80B | $8.60B | $7.51B | $7.26B | $7.23B | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 30, 2026)
P/S 0.6x · EV/Sales 1.3x · P/FCF 8.1x · P/B 1.1x · FCF yield 12.36% · Earnings yield -26.87% · Dividend yield (paid, TTM) 9.45% · Buyback yield (TTM) 0.62% · Net debt $7.39B · EV $14.5B
P/E at fiscal year-ends: May 2025 9.5x, May 2024 41.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold CAG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 1.76% | $2.4M | Added +22.4% |
| Tweedy Browne |  | 0.15% | $2.0M | New position |
| Lee Ainslie | Maverick Capital | 0.01% | $1.2M | Reduced -37.2% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $1.1M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-17 | Brase John P | President and CEO | 35,000 | $511K | 14.59 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-14 | Mulligan John J | Director | 17,500 | $250K | 14.31 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-14 | Lenny Richard H | Director | 25,000 | $359K | 14.34 | Too little history (no open-market trades in 2024 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | Barclays | Target lowered | Overweight | $17 → $16 |
| 2026-10-01 | Evercore ISI Group | Target raised | In-Line | $13 → $14 |
| 2026-10-01 | RBC Capital | Reiterated | Sector Perform | $14 |
| 2026-09-29 | Evercore ISI Group | Target raised | In-Line | $12.5 → $13 |
| 2026-09-18 | Deutsche Bank | Target raised | Hold | $12 → $13 |
| 2026-09-14 | Evercore ISI Group | Target lowered | In-Line | $13 → $12.5 |
| 2026-07-17 | Barclays | Target raised | Overweight | $16 → $17 |
| 2026-07-16 | JP Morgan | Target raised | Neutral | $14 → $15 |
| 2026-07-16 | UBS | Target raised | Neutral | $13 → $14 |
| 2026-07-16 | RBC Capital | Target lowered | Sector Perform | $16 → $14 |
| 2026-07-08 | Barclays | Target lowered | Overweight | $18 → $16 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -12.3% | -40.9% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -12.4% | -10.0% |
| Volatility (annualized) | 32.0% | 24.6% |
| Max drawdown | -35.6% (Feb 2026→Jun 2026) | -61.2% (Jan 2023→Jun 2026) |

## Peers (Packaged Foods)
SFD (Smithfield Foods, Inc.) USD 18.64 -0.93% · LW (Lamb Weston Holdings, Inc.) USD 53.83 -2.45% · PPC (Pilgrim's Pride Corporation) USD 28.13 +0.14% · CPB (The Campbell's Company) USD 20.73 -2.49% · INGR (Ingredion Incorporated) USD 95.7 -1.52% · DAR (Darling Ingredients Inc.) USD 56.24 +1.08%

## More
Full page: https://nexqual.com/CAG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CAG's own 10-K filed 2026-07-15 (https://www.sec.gov/Archives/edgar/data/23217/000110465926083905/tmb-20260531x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Walmart (WMT) | "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." |

Other companies that name CAG in their own reports (relationship from CAG's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | SILGAN HOLDINGS INC (SLGN) | 10-K 2026-02-26 | "Our largest customers for these products include Austria Pet Food GmbH, Campbell, Conagra Brands, Inc., Eagle Family Foods Group LLC, General Mills, Inc., Goya Foods, Inc., Hill's Pet Nutrition, Inc.,…" |
| partner | CHS INC (CHSCN) | 10-K 2025-11-05 | "We have a 12% interest in Ardent Mills, which is a joint venture with Cargill, Incorporated ("Cargill"), and Conagra Brands, Inc., and is the largest flour miller in the United States." |

## Revenue by business segment (quarter ended 2026-08-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Refrigerated & Frozen | $1.05B | 40.6% | -2.1% | $99.6M | 9.5% |
| Grocery & Snacks | $1.05B | 40.5% | -2.6% | $204.9M | 19.5% |
| Foodservice | $272.9M | 10.5% | +3.2% | $30.9M | 11.3% |
| International | $218.1M | 8.4% | +2.7% | $34.4M | 15.8% |
| Total revenue | $2.60B | 100% | — | $268.4M | 10.3% |

## Revenue by product line (quarter ended 2026-08-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Frozen | $877.7M | 33.8% | -2.3% |
| Other Shelf Stable | $552.4M | 21.3% | -2.8% |
| Snacks | $498.7M | 19.2% | -2.4% |
| Foodservice | $272.9M | 10.5% | +3.2% |
| International | $218.1M | 8.4% | +2.7% |
| Refrigerated | $176.1M | 6.8% | -0.9% |
| Total revenue | $2.60B | 100% | — |

## Customer concentration

Period ended 2026-05-31: 29% of revenue from unnamed direct customers (10-K, filed 2026-07-15).

## Company outlook (8-K filed 2026-09-30)

- "Please see the end of this release for more information. ​ Discussion of Results and Outlook Conagra Brands will issue pre-recorded remarks prior to hosting a live Q&A conference call and webcast at 9:30 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.34 | $0.43 | -19.5% | $2.92B | 14 |
| Next quarter (ends 2027-02-28) | $0.34 | $0.37 | -7.7% | $2.71B | 14 |
| Current fiscal year (ends 2027-05-31) | $1.46 | $1.58 | -7.7% | $10.83B | 16 |
| Next fiscal year (ends 2028-05-31) | $1.50 | $1.67 | -10.4% | $10.79B | 16 |