# The Campbell's Company (CPB)

> Source: Nexqual · https://nexqual.com/CPB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Campbell's Company (CPB), nexqual.com/CPB" · informational, not investment advice.

**Price:** USD 21.26 (+8.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 19.56 · day 19.81–21.3 · 52w 18.6–32.04 · market cap $6.34B · NMS

## Key facts
- Last four reported quarters (through Aug 2, 2026): revenue $9.74B, net income $403M (4.1% margin), free cash flow $678M (SEC filings).
- Valuation: P/E 15.7x (avg 19.4x at the last 3 fiscal year-ends), EV/EBITDA 10.3x, net debt $6.74B.
- Earnings quality: non-operating income -$171M vs operating income $852M over the last four quarters; P/E excluding non-operating income ≈11.9x (estimate: non-operating income taxed at the company's 23.4% effective rate).
- 3 of 80 tracked superinvestors hold CPB (13F, Q2 2026): 1 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Hold (mean 3.45 on a 1–5 scale) (20 analysts), mean target USD 20.79 (range 16–41.5).
- Total return with dividends: 1Y -27.1% vs S&P 500 +14.9%; 5Y -36.1% vs S&P 500 +80.3%.
- Next earnings: 2026-09-03, EPS estimate USD 0.41, revenue estimate $2.56B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.56B | $9.36B | $9.64B | $10.3B | $9.74B | $9.74B |
| Gross profit | $2.63B | $2.92B | $2.97B | $3.12B | $2.74B | — |
| Operating income | $1.16B | $1.31B | $1.00B | $1.12B | $852M | $852M |
| Net income | $757M | $858M | $567M | $602M | $403M | $403M |
| EPS (diluted) | $2.51 | $2.85 | $1.89 | $2.01 | $1.31 | — |
| Free cash flow | $939M | $773M | $668M | $705M | $678M | $678M |
| Gross margin | 30.7% | 31.2% | 30.8% | 30.4% | 28.1% | — |
| Operating margin | 13.6% | 14.0% | 10.4% | 11.0% | 8.7% | 8.7% |
| Net margin | 8.8% | 9.2% | 5.9% | 5.9% | 4.1% | 4.1% |
| Revenue growth | +1.0% | +9.3% | +3.0% | +6.4% | -5.0% | — |
| Cash + short-term investments | $109M | $189M | $108M | $132M | $394M | — |
| Total debt | $4.81B | $4.69B | $7.18B | $6.86B | $7.14B | — |
Fiscal years end Aug. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 2, 2026)
P/E 15.7x · P/E ex non-operating (est.) ≈11.9x · P/S 0.7x · EV/EBITDA 10.3x · EV/Sales 1.3x · P/FCF 9.4x · P/B 1.6x · FCF yield 10.69% · Earnings yield 6.36% · Dividend yield (paid, TTM) 7.41% · Buyback yield (TTM) 0.41% · Net debt $6.74B · EV $13.1B
P/E at fiscal year-ends: Aug 2026 17.6x, Aug 2025 15.9x, Jul 2024 24.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold CPB. 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 | 2.60% | $3.6M | Reduced -3.1% |
| Bruce Berkowitz | Fairholme Capital | 0.17% | $2.6M | New position |
| Jensen Investment Management |  | 0.01% | $484K | Reduced -30.8% |

## Analysts
Consensus Hold (mean 3.45 on a 1–5 scale), 20 analysts; mean target USD 20.79 (low 16, high 41.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-14 | Evercore ISI Group | Target lowered | In-Line | $22 → $21 |
| 2026-09-08 | DA Davidson | Maintained | Neutral | $20 |
| 2026-09-04 | RBC Capital | Target lowered | Sector Perform | $21 → $19 |
| 2026-09-04 | UBS | Target raised | Sell | $18 → $19 |
| 2026-09-04 | Barclays | Target lowered | Underweight | $19 → $18 |
| 2026-09-04 | Jefferies | Target lowered | Hold | $22 → $20 |
| 2026-08-31 | RBC Capital | Reiterated | Sector Perform | $21 |
| 2026-08-31 | Evercore ISI Group | Target lowered | In-Line | $23 → $22 |
| 2026-08-20 | UBS | Target raised | Sell | $17 → $18 |
| 2026-08-19 | TD Cowen | Target raised | Hold | $20 → $22 |
| 2026-08-18 | JP Morgan | Target raised | Neutral | $20 → $22 |
| 2026-07-22 | Stifel | Target raised | Hold | $20 → $22 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -27.1% | -36.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -27.2% | -8.6% |
| Volatility (annualized) | 33.4% | 24.4% |
| Max drawdown | -36.5% (Nov 2025→Oct 2026) | -60.5% (Jan 2023→Sep 2026) |

## Peers (Packaged Foods)
INGR (Ingredion Incorporated) USD 97.18 +1.57% · PPC (Pilgrim's Pride Corporation) USD 28.09 +1.23% · CAG (ConAgra Brands, Inc.) USD 15.07 +7.34% · SFD (Smithfield Foods, Inc.) USD 18.81 +2.79% · LW (Lamb Weston Holdings, Inc.) USD 55.18 +3.90% · DAR (Darling Ingredients Inc.) USD 55.64 -5.84%

## More
Full page: https://nexqual.com/CPB · 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 CPB's own 10-K filed 2026-09-24 (https://www.sec.gov/Archives/edgar/data/16732/000001673226000026/cpb-20260802.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Walmart (WMT) | "Our largest customer, Walmart Inc. and its affiliates, accounted for approximately 22% of our consolidated net sales in 2026, 21% in 2025, and 22% in 2024." |

## Revenue by business segment (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Meals & Beverages | $1.19B | 55.5% | -4.0% |
| Snacks | $950.0M | 44.5% | -12.4% |
| Total revenue | $2.14B | 100% | — |

## Revenue by product line (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Snacks | $1.03B | 48.4% | -12.1% |
| Other Simple Meals | $520.0M | 24.3% | +4.0% |
| Soup | $419.0M | 19.6% | -7.7% |
| Beverages | $163.0M | 7.6% | -14.2% |
| Total revenue | $2.14B | 100% | — |

## Customer concentration

Period ended 2026-08-02: 22% of revenue from unnamed direct customers (10-K, filed 2026-09-24).

## Company outlook (8-K filed 2026-09-03)

- "Fiscal 2027 Guidance: The company's outlook reflects an external environment which we expect will remain volatile, another year of elevated inflation, and several longer-term benefits that are expected to build through the year to increasingly support our margins."
- "Note: A non-GAAP reconciliation is not provided for fiscal 2027 guidance as the company is unable to reasonably estimate the full-year financial impact of items such as actuarial gains or losses on pension and postretirement plans because these impacts are dependent on future changes in market conditions."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.41 | $0.61 | -32.0% | $2.56B | 16 |
| Next quarter (ends 2027-01-31) | $0.42 | $0.47 | -11.3% | $2.50B | 16 |
| Current fiscal year (ends 2027-07-31) | $1.70 | $1.95 | -13.1% | $9.50B | 20 |
| Next fiscal year (ends 2028-07-31) | $1.84 | $2.11 | -13.0% | $9.47B | 19 |